Oil Prices Top $100 After Attacks on Saudi Ships and Iran's Threat to Close a Key Shipping Lane

Oil prices rose 6% above $100 a barrel on 23 July 2026, the first time since May, capping five days of gains. Fighters in Yemen attacked two Saudi oil ships in the Red Sea, setting one on fire. Iran claimed it shut the Strait of Hormuz, a narrow sea lane that carries much of the world's oil. Goldman Sachs expects prices could top $120 by late 2026 if the route stays blocked.