The price of Brent crude oil has exceeded $100 per barrel for the first time since May
The price of Brent crude rose by more than 6% during trading on July 23 and exceeded $100 per barrel for the first time since late May.
The price increase followed a statement by the Iran-backed Yemeni Houthis claiming responsibility for an attack on two Saudi oil tankers in the Red Sea. This heightened concerns about potential disruptions to oil supplies to the global market.
Brent last traded above $100 per barrel on May 26. In June, prices fell following an agreement between the U.S. and Iran to extend the ceasefire and resume shipping through the Strait of Hormuz.
Source: Reuters.
As a reminder, on Friday, July 17, global oil prices continued to hover near the $84-per-barrel mark. The market remains stable amid current economic factors and the situation in the global energy market.
Over the past few days, Iran has been secretly smuggling oil tankers through the Strait of Hormuz even before the United States reinstated the naval blockade of Iranian ports.
