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Oil settles over $100 as Houthi attacks intensify Middle East supply risks

Reuters · back to the audit

NEW YORK, July 23 (Reuters) - Oil prices settled above $100 on Thursday for the first time since May after Yemen's Houthis said they attacked two Saudi oil tankers in the Red Sea, causing further global supply disruptions following a near-halt in trade through the Strait of Hormuz. Brent futures finished up $6.62, or 7%, at $100.69 a barrel, marking their highest close since May 22. The global crude oil benchmark's prices are now nearly 40% higher than when the Iran war began in February, with almost all of its gains coming this month. U.S. West Texas Intermediate crude closed up $5.36, or 6.2%, to settle at $92.19 a barrel, the highest close since June 4. The Houthi militia attacked two Saudi Arabian oil tankers in a military operation, the group said on Thursday, with the Saudi Arabian state news agency, SPA, later confirming that one of the two vessels was ablaze after an assault while sailing in the Red Sea. SPA did not say who attacked the vessel. Analysts estimate that the Strait of Hormuz and Bab el-Mandeb carry the equivalent of roughly a quarter of the world's oil supply. Goldman Sachs said Brent might exceed $120 a barrel in the fourth quarter and average $100 next year if the strait remains disrupted through 2027.