Global oil prices have surged past $100 per barrel for the first time since May, after Houthi rebels fired on a Saudi oil tanker, reigniting concerns about global energy supply.
On Thursday, 23 Jul 2026 GMT+7, Brent crude oil, the global market benchmark, rose more than 6%, breaking $100 per barrel again after several consecutive days of increases prompted by the US escalating military attacks on Iran.
Prices jumped sharply following an early Thursday morning (local time) attack by Yemen's Houthi armed group on an oil tanker in the Red Sea, threatening a crucial export route that Saudi Arabia uses to bypass the Iran-blocked Strait of Hormuz.
Additionally, gas prices have continuously risen over the past month, with the UK’s benchmark gas price currently around 150 pence per therm, up from about 98 pence at the end of June.
Previously, oil prices had fallen after a temporary ceasefire between the US and Iran, dropping back to levels seen before the US and Israel launched military operations against Iran on 28 Feb.
However, the ceasefire collapsed two weeks ago, and hopes for its return dimmed further this week when US Secretary of State Marco Rubio said Iran’s leaders "are not yet ready to make a deal."
The ongoing conflict risks pushing inflation higher in many countries, including the UK and US, leading to more expensive goods for consumers.
Typically, higher crude oil prices lead to increased gasoline and diesel costs, directly affecting drivers, while households may also see higher prices for other goods like food as businesses pass on increased transportation costs to consumers.
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Source:bbc