Brent Crude Tops $100 a Barrel Again on Middle East Tensions
Summary
- Brent crude futures prices rose back above $100 a barrel for the first time in about two months.
- Escalating tensions in the Middle East and the Houthis' attack on Saudi oil tankers heightened 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, rose above $100 a barrel again 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 last traded above $100 a barrel on May 26.
Escalating tensions in the Middle East were a major factor. The Houthis had earlier said they attacked two Saudi oil tankers in the Red Sea, heightening concerns over global crude supply.
President Donald Trump said that if such attacks on commercial vessels happened again, the US would hold Iran responsible because the Houthis are 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.