Global oil prices cross $100 a barrel as Iran war sends fuel prices surging

Oil prices surged more than 6% on Thursday.July 23, 2026, 10:36 AMGlobal oil prices on Thursday crossed $100 a barrel for the first time since May, after Houthi militants in Yemen claimed to have struck two Saudi tankers in the Red Sea.The reported attack, which came alongside continued strikes between the United States and Iran, threatened to worsen an oil shock that had already amounted to one of the largest in history.Brent crude futures, the benchmark index for worldwide trading, briefly topped $100 a barrel on Thursday morning, before dropping to $99.70. That figure marked a roughly 28% increase over the past month, catapulting crude prices to their highest level since May 26.Major stock indexes tumbled on Thursday in response to surging energy costs. The Dow Jones Industrial Average