Global Brent crude oil prices surged past $100 a barrel for the first time since May, triggered by fresh Houthi attacks on Saudi oil tankers in the Red Sea. This escalation in Middle East tensions has immediately raised concerns for India's economy, threatening higher inflation and a wider trade deficit.
$100.74
Brent Crude Price
Yesterday: $95→$100.74
📊 One chart explains it
Brent Crude Oil Price Trend
Takeaway: Brent crude prices have climbed sharply since early July, breaching $100 a barrel on recent escalations.
⏳ Time Machine
How today’s news fits into the bigger picture
October 2023
Red Sea Crisis Begins
Houthi rebels in Yemen began targeting commercial vessels in the Red Sea following the Israel-Hamas conflict, initially disrupting shipping and raising security concerns, though not directly targeting Saudi oil tankers until recently.
May 2025
Houthi Truce in Red Sea
A truce briefly ended Houthi drone and missile attacks on shipping in the Red Sea, leading to a period of relative calm in the vital waterway. This truce ended earlier this year.
March 2026
Strait of Hormuz Conflict Escalates
The conflict between the US and Iran intensified, leading to severe disruptions in the Strait of Hormuz, a crucial chokepoint for global oil flows, and causing Brent crude prices to initially surge past $100.
Early July 2026
Oil Prices Ease to $71
Amid hopes of a ceasefire in the Middle East, Brent crude prices temporarily fell to lows of $71 per barrel, reflecting a period of reduced perception.
July 22, 2026
Houthi Blockade Announced
Yemen's Houthi rebels announced a maritime blockade of Saudi Arabia in the Red Sea, warning vessels that non-compliant ships would be targeted, setting the stage for recent attacks.
Today
Brent crude oil prices exceeded $100 per barrel for the first time since May, following Houthi attacks on Saudi oil tankers in the Red Sea.
What happens next?
The RBI's upcoming interest rate decision on July 29 will be closely watched for responses to rising inflation risks from oil, while the Indian government may face pressure to adjust fuel prices.
Brent crude oil prices topped **$100 a barrel** on Thursday, marking a significant increase of about **40% this month** following escalated tensions in the Middle East. Iran-aligned Houthi rebels in Yemen claimed strikes on two Saudi oil tankers in the Red Sea, threatening shipping in the crucial Bab el-Mandeb Strait. This waterway, alongside the Strait of Hormuz, is vital for global oil supply, and its disruption adds a new layer of risk. U.S. President Donald Trump warned of 'major military punishment' against Iran and the Houthis if attacks continue, intensifying the geopolitical landscape. For India, which imports nearly 90% of its crude oil, this surge directly impacts the import bill, potentially worsening inflation, putting pressure on the rupee, and affecting corporate margins. Indian equity markets, including the Nifty 50 and Sensex, reacted negatively, extending their losing streak for a fourth consecutive session.
💭 If you're wondering…
The Bab el-Mandeb Strait is a narrow waterway between Yemen and the Horn of Africa, connecting the Red Sea to the Gulf of Aden and the Indian Ocean. It's crucial because it's a primary route for oil tankers and cargo ships transiting between Europe and Asia, carrying about 7% of the global oil supply.
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