Brent Crude Tops $100 as Houthis Strike Saudi Tankers and Iran Claims Closure of Strait of Hormuz

Brent crude rose over 6% to surpass $100 per barrel on 23 July 2026, the first breach since May, capping a five-day rally. Yemen's Houthis struck two Saudi oil tankers in the Red Sea, leaving one ablaze. Iran's IRGC claimed the Strait of Hormuz is "completely closed." Goldman Sachs projects Brent could exceed $120 in Q4 2026 if Hormuz disruption persists.