Brent Crude Tops $100 Again as West Asia Tensions Escalate; Oil Prices Jump Nearly 7%

Global oil prices surged on Thursday after renewed conflict in West Asia fuelled fears of supply disruptions, pushing Brent crude above the $100-a-barrel mark for the first time in more than two months. The rally also lifted crude futures in India by nearly 6% amid concerns over the security of key energy shipping routes.

Brent reclaims $100 amid Red Sea tensions

Brent crude for September delivery climbed 6.16% to $100.23 a barrel, crossing the $100 level for the first time since May 15, 2026, when it traded at $100.32.

The benchmark has staged a sharp recovery after falling to around $71 a barrel at the beginning of July. Analysts attributed the latest rally to escalating geopolitical tensions in the Red Sea and fears of fresh disruptions to oil exports from the Gulf.

Meanwhile, West Texas Intermediate (WTI) crude for September delivery rose 5% to $91.05 a barrel on the New York Mercantile Exchange (NYMEX).

Crude futures rise nearly 6% in India

Reflecting the global rally, crude oil futures for August delivery on the Multi Commodity Exchange (MCX) jumped ₹477, or nearly 6%, to ₹8,887 per barrel.

Market participants said fresh buying gathered momentum after reports of renewed attacks in the Red Sea heightened concerns over the uninterrupted flow of crude supplies.

Trump warns Iran after reported attacks

US President Donald Trump warned Iran following reports that Yemen's Houthi rebels had targeted two Saudi Arabian ships.

In a post on Truth Social, Trump said: "Now they are starting up again, shooting at two Saudi Arabian ships last night. Please let this TRUTH serve to represent that if they do this again, the U.S. will hold Iran responsible."

Conflict raises concerns over global oil supplies

Analysts said the conflict has entered a more dangerous phase over the past 24 hours.

According to market experts, the Houthis have escalated from threatening a blockade of Saudi Arabia to allegedly attacking two Saudi oil tankers in the Red Sea. The development has raised fresh concerns over the safety of a crucial export route that Saudi Arabia has increasingly relied on to reduce dependence on the Persian Gulf.

They also noted that the US military carried out airstrikes on Iran for the 12th consecutive night on Wednesday, while Tehran reportedly retaliated by targeting US-linked military installations in Kuwait and Jordan.

Goldman Sachs sees Brent touching $120

Investment bank Goldman Sachs has warned that Brent crude could rise to $120 a barrel by the end of 2026 if exports through the Strait of Hormuz are not fully restored.

The latest surge marks crude oil's strongest monthly rally since earlier disruptions to Gulf oil exports, underscoring growing concerns that prolonged geopolitical instability could tighten global energy supplies and keep prices elevated.