Oil Prices Surge Above $100 as Geopolitical Risks Rise
Oil prices surged to over $100 per barrel on July 23, 2026, as disruptions in three key export corridors pushed Brent crude above $100. The Strait of Hormuz, Bab el-Mandeb, and the Caspian Pipeline Consortium's (CPC) Black Sea terminal were affected by various incidents, including drone strikes and Houthi attacks.
The marine insurers can now cancel coverage for vessels transiting the Strait of Hormuz, allowing war-risk insurance costs to be repriced. This increase in transportation risk has become a priced component of the market, with Brent crude futures crossing $100 per barrel on July 23, 2026, and settling at $100.69.
Goldman Sachs maintained its Q4 Brent forecast near $80 a barrel, suggesting that current prices reflect geopolitical disruption rather than a sustained tightening of the global oil market.