New Delhi, July 23, 2026: Crude futures surged nearly 6 per cent in the domestic market on Thursday, as the global benchmark Brent crude reclaimed the USD 100-a-barrel level amid escalating tensions in West Asia.
Analysts said the escalation in the Red Sea region has raised fears of fresh disruptions to global energy supplies.
On the Multi Commodity Exchange, crude futures for August delivery increased by Rs 477, or nearly 6 per cent, to Rs 8,887 per barrel.
Geopolitical Tensions Lift Prices
Traders said fresh buying gathered pace after renewed attacks in the Red Sea region heightened fears of disruptions to energy exports from the Gulf nations.
In a post on Truth Social, US President Donald Trump said, "Now they (Houthis) are starting up again, shooting at two Saudi Arabian ships last night. Please let this TRUTH serve to represent that if they do this again, the US will hold Iran responsible."
In the overseas markets, Brent crude for September delivery soared USD 6.16, or nearly 7 per cent, to USD 100.23 per barrel, reclaiming the USD 100 mark for the first time since May 15, 2026, when it traded at USD 100.32 per barrel.
The West Texas Intermediate (WTI) crude for the September contract also rose USD 4.22, or 5 per cent, to USD 91.05 per barrel on the New York Mercantile Exchange (NYMEX).
Supply Concerns Intensify
Analysts said Brent, which had touched USD 126 per barrel during the peak of the conflict in April before falling to around USD 71 at the start of this month, has staged a sharp rebound on renewed geopolitical risks.
Crude has recorded its fastest monthly gain since disruptions to Gulf oil exports through the Strait of Hormuz earlier this year, with the conflict entering a more dangerous phase over the past 24 hours.
According to analysts, Yemen's Houthis have escalated from threatening a blockade of Saudi Arabia to attacking two of Saudi Arabia's oil tankers in the Red Sea, raising concerns over the security of a key export route that Riyadh has increasingly relied upon to bypass the Persian Gulf.
Also Watch:
They added that the US military carried out airstrikes on Iran for the 12th consecutive night on Wednesday, while Tehran retaliated by targeting US-linked military installations in Kuwait and Jordan.
Meanwhile, Goldman Sachs has cautioned that Brent crude could climb to as high as USD 120 per barrel by the end of the year if exports through the Strait of Hormuz are not restored.
(Disclaimer: Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
