Archive · 24 Jul 2026
Global oil prices rise above $100 due to Red Sea attacks
Global oil prices have gone up to more than $100 per barrel because of attacks on oil tankers in the Red Sea by a group supported by Iran.
These attacks have made people worried about the supply of oil, which has led to higher prices.
The situation is also affecting stock markets around the world, with many of them going down.
Experts say that the ongoing conflict in the region and the lack of a ceasefire are making the situation worse, which could mean that oil prices will stay high for a while.
Global crude oil prices rose above $100 per barrel due to attacks on Saudi tankers in the Red Sea by Iran-backed Houthi forces.
Brent crude increased by 0.43% to $100.44 per barrel, while US WTI crude gained 0.69% to $92.83 per barrel.
Domestic crude oil futures for August delivery on the MCX were trading at Rs 8,865 per barrel, down 1.76%.
The attacks have raised concerns about global energy supplies and have led to a rally in crude oil prices.
The rise in oil prices has weighed on global equity markets, with significant declines in Asia and the US.
- Who
- Iran-backed Houthi forces, Saudi Arabia, US, Iran
- What
- Attacks on Saudi tankers in the Red Sea, rise in global crude oil prices
- When
- Friday
- Where
- Red Sea, Global markets
- Why
- Geopolitical tensions and supply disruptions due to attacks on oil tankers
Supply Disruption Concerns
Market Reaction
Cause of Price Increase
Supply Disruption Concerns
Attacks by Iran-backed Houthi forces on Saudi tankers in the Red Sea have disrupted oil supplies, leading to a spike in prices.
Market Reaction
The market is reacting to the geopolitical tensions and the potential for prolonged supply disruptions, causing a rally in crude oil prices.
- Brent Crude Price
- $100.44 per barrel
- US WTI Crude Price
- $92.83 per barrel
- Domestic Crude Oil Futures
- Rs 8,865 per barrel (August delivery)
- Attackers
- Iran-backed Houthi forces
- Impact on Global Markets
- Decline in equity markets in Asia and the US
