Brent crude oil prices surpassed $100 per barrel for the first time since late May, rising more than 6% during trading on July 23, according to Radio Liberty (RFE/RL) and Meduza.
Oil has been rising for five consecutive days. The rally is attributed to a fresh escalation in the Middle East.
Markets focused on attacks on tankers in the Red Sea, which threaten a key oil supply route. Iran-aligned Yemeni Houthi rebels attacked two Saudi oil tankers as part of a blockade of Saudi Arabia, Radio Liberty reported.
In response, U.S. forces carried out a new series of strikes on targets described as linked to Iran — the twelfth consecutive night of such attacks. The White House threatened additional strikes on Iranian infrastructure and nuclear program sites. Tehran has retaliated.
According to Reuters, Saudi Aramco has offered clients additional oil loading at the Egyptian port of Sidi Kerir on the Mediterranean Sea, an alternative route amid the Red Sea threats, The Moscow Times reported, citing trading sources.