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macroJul 24, 2026, 7:50 AM

Brent Crude Surges Above $100 on Geopolitical Risks

Brent crude oil has risen above $100 per barrel for the first time since May, driven by escalating US-Iran tensions and Houthi attacks on Red Sea shipping, according to UOB Global Economics & Markets Research.

BCOUSD

Brent crude oil has surged past the $100-per-barrel mark for the first time since May, according to UOB Global Economics & Markets Research. Asian trading saw prices holding near that triple-digit level.

The rally is attributed to rising geopolitical risks: escalating US-Iran tensions and continued Houthi attacks on Red Sea shipping. These factors have tightened supply fears, pushing the war premium higher.

The research note highlights that the conflict-driven spike underscores the vulnerability of global oil flows through chokepoints like the Red Sea. No further price targets or forecasts were provided in the initial report.

Source: FXStreet Forex News