Commodities
Oil Prices Hit $100 as Red Sea Crisis Escalates
Oil prices surged to $100 on July 23, marking a nearly one-third increase from last month's low. The price is still below the $126 peak reached in April during the conflict.
The latest oil price surge was fueled by a major escalation in the Red Sea, which could further set back efforts to export Gulf oil through alternative southern routes as the Strait of Hormuz remains effectively shut.
The Iran-backed Houthi rebels based in Yemen entered the conflict on Wednesday, July 22, claiming responsibility for attacks on two Saudi oil tankers and threatening to disrupt commercial traffic in the Red Sea.