Gulf and Red Sea tensions push oil prices to six-week high

Thursday 23 July 2026 - 09:20

By: Azzat Manal

Gulf and Red Sea tensions push oil prices to six-week high

Oil prices climbed to their highest level in more than six weeks as escalating tensions in the Gulf and the Red Sea raised concerns about potential disruptions to global energy supplies.

By 9:35 a.m. Moscow time, September West Texas Intermediate (WTI) crude futures had risen 1.44% to $88.08 a barrel. September Brent crude futures, the international benchmark, gained 2.05% to reach $96 a barrel, marking their highest level since June 8, 2026.

The latest price surge came as the United States launched another round of strikes against Iran, while Yemen's Houthi movement reported attacks on two Saudi oil tankers in the Red Sea. The developments have heightened concerns about the security of major maritime routes that are critical to global energy markets.

The US military said it had carried out strikes against Iranian targets for a 12th consecutive night. The operations followed comments by US President Donald Trump, who reportedly threatened to target infrastructure in Iran if vessels were attacked in the strategically important Strait of Hormuz.

The Iranian Revolutionary Guard, meanwhile, said an oil tanker caught fire after an explosion while attempting to navigate what it described as a mined route south of the Strait of Hormuz. The group also said that two other tankers had turned back.

The Houthi movement said it had conducted a military operation targeting two Saudi oil tankers. Maritime security reports indicated that one of the vessels mentioned by the group, the Saudi-flagged Ensilia, had come under attack in the Red Sea.

The Strait of Hormuz and the Red Sea are among the world's most important energy corridors. Any prolonged disruption could affect the movement of crude oil and refined petroleum products, potentially pushing transportation costs higher and adding further volatility to international markets.

Market participants are closely monitoring developments in the region as concerns grow that continued military escalation could threaten energy infrastructure and shipping routes. The possibility of further disruptions has prompted investors to reassess the risks facing global oil supplies.

The latest rally illustrates the sensitivity of energy markets to geopolitical developments, particularly in regions that play a central role in the production and transportation of oil. Continued uncertainty in the Gulf and Red Sea could keep prices under pressure in the coming sessions.