Oil Surges Past $100 as Houthis Hit Saudi Tankers and Iran Claims Hormuz Closure

Brent crude jumped 6% above $100 per barrel on 23 July 2026, the first breach since May, ending a five-day rally. Yemen's Houthis struck two Saudi oil tankers in the Red Sea, leaving one ablaze. Iran's Revolutionary Guard claimed the Strait of Hormuz — a key oil shipping route — is "completely closed." Goldman Sachs projects Brent could exceed $120 in Q4 2026 if the Hormuz disruption persists.