Oil Prices Climb Toward $100 as Red Sea Risks Rise

Oil Prices Climb Toward $100 as Red Sea Risks Rise By Tsvetana Paraskova - Jul 23, 2026, 4:02 AM CDT Brent crude rose above $98 per barrel while WTI approached $90 as geopolitical tensions intensified. Houthi forces claimed attacks on two Saudi oil tankers, prompting some vessels to avoid the Bab el-Mandeb Strait. Markets are increasingly pricing in the risk of supply disruptions after oil gained nearly 20% in roughly two weeks.