Brent Crude Breaks $101 as September Futures Surge 7% on Red Sea Attacks

Key Facts

Amid escalating geopolitical tensions threatening global trade routes, Brent crude has breached the $100 per barrel threshold for the first time in nearly two months. This surge is driven by intensifying Houthi attacks on commercial shipping in the Red Sea, which have deepened fears of a widespread supply crisis. According to reports, front-month Brent futures for September delivery jumped more than 7% during Thursday's session, touching an intraday high of $101.01.

This price momentum has resonated across financial markets, with energy sector shares reacting to the crude reaching new milestone levels. Based on technical data, breaking the $100 barrier represents a fundamental shift in market sentiment, especially as tankers in vital corridors remain under threat. Analysts suggest that continued physical threats to oil flows will likely keep prices supported above these recently reclaimed psychological levels.

Per market data, Brent crude stood at $101.01 (at close July 23, 2026), shifting focus toward the next resistance levels. Traders should closely monitor upcoming Eurozone and U.S. inflation data scheduled for July 17, as oil sustained above $100 will intensify global inflationary pressures and may force central banks into more aggressive monetary tightening to combat rising energy costs.