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Brent nears $100 as Red Sea attacks stoke Middle East oil fears
Brent jumped as much as 5% to above $98 a barrel after Houthi rebels claimed strikes on Saudi oil tankers, while analysts warned higher crude could feed into inflation and rate expectations.
Brent North Sea crude surged toward $100 a barrel on July 23 as renewed Middle East attacks heightened fears the conflict could widen and disrupt oil shipments via the Red Sea, according to LiveMint Markets. The report said Tehran-backed Houthi rebels targeted Red Sea shipping, lifting the international benchmark by as much as 5% to above $98 a barrel.
LiveMint Markets added that the move followed Houthi rebels’ claims of striking two Saudi oil tankers in the Red Sea. Iran vowed to keep striking the region as long as it remains under attack by US strikes, the report said.
The story also linked the energy shock to broader market risk sentiment. It said investors were in a wary mood amid renewed concerns about energy crunch conditions, with analysts noting that if oil stays elevated it could raise inflation pressure and the prospect of interest-rate hikes.
Alongside the oil move, LiveMint Markets reported mixed regional equities, with most Asian markets buoyed by a bounce in regional tech stocks while European markets were weaker in midday trading. The report also mentioned a stronger US dollar and investor focus on upcoming Big Tech earnings and related AI spending plans.
Latest closeWTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%