Brent Crude Reclaims $100 a Barrel on Middle East Tensions
Summary
- Brent crude futures prices rose back above $100 a barrel for the first time in about two months.
- Attacks on oil tankers in the Red Sea heightened tensions in the Middle East and fueled concerns over global crude supply.
- President Trump warned of possible significant military retaliation against Iran.
Forecast Trend Report by Period
Brent crude, the international benchmark for oil prices, climbed back above $100 a barrel for the first time in about two months.
As of 9:15 a.m. on July 23, September Brent crude futures were up 6.4% from the previous session at $100.05 a barrel. Brent futures had not topped $100 a barrel since May 26.
Escalating tensions in the Middle East drove the gain. The Houthis earlier said they had attacked two Saudi oil tankers in the Red Sea, heightening concerns over global crude supply.
President Donald Trump said the US would hold Iran responsible if such attacks on commercial vessels happen again, citing the Houthis' role as an Iranian proxy. He added that Iran would face significant military retaliation and that the Houthis themselves would also be targeted.
Kim Su-young, Hankyung.com reporter swimmingk@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.