Oil prices surge toward triple digits after Red Sea attacks

Iran warOil prices surge toward triple digits after Red Sea attacksThe price of Brent oil rose more than 5% to nearly $99 per barrel on Thursday morning.Listen to this article with a free profile00:0000:00Add NBC News to GoogleNew Concerns Over Oil Prices After Houthis Attack Saudi Tankers02:54Get more newsLiveonShareAdd NBC News to GoogleJuly 23, 2026, 7:39 AM EDTBy Steve KopackOil prices rose Thursday to their highest level since early June after the latest Iran war escalation threatened severe new disruption to global supplies.Subscribe to read this story ad-freeGet unlimited access to ad-free articles and exclusive content.Brent crude oil, one of two key global benchmarks, rose more than 5% to nearly $99 per barrel in early Thursday trading. That is its highest level in seven weeks, since June 3.U.S. crude oil also jumped for a second straight day, rising more than 4% to almost $91 per barrel and its highest since June 11.The new surge in prices comes after the Tehran-backed Houthi rebels claimed attacks on two Saudi oil tankers in the Red Sea, following their announcement of a naval blockade on the kingdom.It appeared to mark the first time since the Iran war began that ship attacks had spread beyond the vicinity of the Strait of Hormuz, opening up a new front in the volatile conflict.The Houthi threat is so unsettling to oil markets because millions of barrels per day pass through the Bab el-Mandeb Strait in order to reach global markets. About 12% to 15% of global maritime trade worth more than $1 trillion transits the waterway every year.It has also served as an alternative to the Strait of Hormuz, where traffic remains largely at a standstill with ship crossings there falling to single digits on Tuesday.Since the start of the month, oil prices have now risen about 35%. Those prices are now higher by more than 60% since the start of the year.Along with oil prices, gas prices have risen too. The national average price on Thursday rose to $4.09 per gallon, up...