Brent Crude Prices Surge Above $100 as Middle East Conflict Disrupts Oil Shipping

Brent crude prices climbed above $100 per barrel on July 24 as escalating conflict in the Middle East disrupted key oil shipping routes, raising concerns about global crude supplies and driving a fourth consecutive weekly gain.

The Brent futures contract advanced 37 cents to $101.06 a barrel at 0330 GMT after Iran-aligned Houthis said they struck two Saudi oil tankers in the Red Sea.

This marks the first time since May that Brent has traded above $100 per barrel, with the contract on course for a 14.6% advance this week.

The disruption to oil flows through the Strait of Hormuz and the potential risks to Saudi oil flows from the Red Sea are causing significant concern in the market, according to ING analysts.