Brent Crude Hits Six-Week High Near $96 as Red Sea Tankers Come Under Fire
Brent crude climbed to roughly $96 per barrel in early trading on July 23, a 2% gain that pushed the contract to its highest level in six weeks. Two catalysts drove the move: the U.S. launched a fresh round of strikes on Iran, and Yemen's Houthis hit Red Sea oil tankers, putting more than a quarter of global oil and gas shipping under active threat.
Key Takeaways Brent crude rose 2% to approximately $96/barrel on July 23, its highest price in six weeks. U.S. strikes on Iran and Houthi tanker attacks in the Red Sea threaten more than 25% of global oil and gas shipping. EIA data for the week ending July 17 showed U.S. crude inventories built +2.01 million barrels, against a consensus draw of 88…
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