On the 23rd (local time), amid severe tensions in the Middle East, Brent crude oil, the international oil price benchmark, surpassed $100 per barrel for the first time in about two months, with military conflicts between the United States and Iran and attacks on tankers in the Red Sea sending alarm bells through the global crude oil supply chain.

International oil prices showed a sharp surge that day. In the London ICE futures exchange, September-delivery Brent crude rose 6.4% from the previous session to $100.05 per barrel. This marks the first time Brent crude has surpassed the $100 threshold in approximately two months since May 26, 2026. September-delivery West Texas Intermediate (WTI) crude at the New York Mercantile Exchange (NYMEX) also closed at $90.12 per barrel, up 3.8% from the previous session.

The main causes of the oil price surge are multifaceted. Above all, prolonged military conflicts between the United States and Iran have raised geopolitical tensions in the Middle East to their peak. Additionally, an incident in which two Saudi Arabian tankers were attacked in the Red Sea, a key global crude oil transport route, has made concerns about supply disruptions a reality.

Specifically, Yemen's pro-Iran Houthi rebels directly attacked two Saudi tankers attempting to pass through the Bab el-Mandeb Strait in the Red Sea. This attack occurred just four days after the Houthi rebels declared a naval blockade of the Red Sea on July 20, 2026, warning of retaliation against Saudi Arabia's airstrike on Sana'a Airport in Yemen. This demonstrates that the Houthis are not merely issuing threats but are taking actual action to implement their warnings.

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The attack on the tankers has amplified anxiety about the global crude oil supply chain to an extreme degree. Beyond the already unstable Strait of Hormuz, concerns about safe passage have spread to the Bab el-Mandeb Strait, a critical maritime gateway connecting Africa and Asia. Should this strait be blocked, the alternative route for crude oil through Yanbu Port on Saudi Arabia's Red Sea coast would also be effectively cut off, potentially imposing catastrophic restrictions on Saudi Arabia's crude oil export capacity. Experts view this situation as a serious threat that could reduce global crude oil supply by approximately 7%.

The surge in oil prices is expected to reignite already elevated global inflationary pressures. Just three weeks ago, in early this month, Brent crude prices fell to the $71 per barrel level, but amid the rapidly changing Middle Eastern situation, they have jumped more than 30% to $100.05. This directly translates to increased production and transportation costs, which will have far-reaching impacts on overall prices.

Market experts forecast that if the Middle Eastern situation deteriorates further, Brent crude is highly likely to continue its upward trend above the $100 level. This high oil price trend could prolong global inflationary pressures and serve as a serious burden on each country's economic recovery efforts, making close international monitoring and response an urgent matter.