Brent crude futures surged above $100 per barrel on Thursday, extending a five-day rally as escalating tensions in the Middle East deepened concerns over global energy supplies and disrupted key maritime shipping routes.
Brent reaches its Highest Level since May
The price of the September Brent crude futures contract rose 6.55% to $100.23 per barrel during Thursday’s trading session, marking the first time the benchmark has traded above the $100 level since May 22, 2026.
Global Oil Prices surge as Price Cap, Embargo on Russian Crude come into Effect
Oil prices have now posted gains for five consecutive trading sessions as investors continue to assess the impact of the ongoing conflict involving the United States, Israel, and Iran on global crude supplies.
Market sentiment has remained firmly bullish amid growing fears that prolonged instability in the Middle East could further tighten oil markets during the peak summer demand season.
Shipping disruptions intensify Supply Concerns
The conflict has significantly disrupted maritime transport throughout the region. The Strait of Hormuz, which previously handled roughly 20% of global energy shipments, has remained largely inaccessible since hostilities between the United States and Iran escalated on February 28, 2026.
As a result, the Red Sea has become one of the primary export corridors for oil shipped from Gulf producers.
However, that alternative route has also come under increasing pressure after Yemen’s Houthi movement announced a blockade targeting Saudi vessels attempting to pass through the Bab el-Mandeb Strait at the southern entrance to the Red Sea.
On Thursday, the Houthi’s claimed responsibility for attacks on two Saudi oil tankers as part of their maritime blockade campaign.
German Frigate quits Red Sea Mission after Yemen offers EU Ships Safe Passage
Longer Shipping Routes raise Global Costs
According to Goldman Sachs, nearly 9 million barrels of oil per day passed through the Bab el-Mandeb Strait on average during the past month.
Analysts estimate that avoiding the waterway adds at least four weeks to a typical tanker voyage—more than doubling transit times while sharply increasing freight, insurance, and operating costs.
Higher transportation expenses have added further upward pressure to global crude prices as refiners and traders prepare for prolonged logistical disruptions.
Analysts expect Elevated Oil Prices to Continue
Goldman Sachs forecasts that oil prices will likely remain elevated throughout July and August. The bank cites several factors supporting the market, including reduced Middle Eastern production, strong seasonal travel demand, and a sharp slowdown in releases from strategic petroleum reserves.
The current conflict involving the United States, Israel, and Iran has continued since late February. Although Washington and Tehran signed a two-month ceasefire memorandum on June 18, 2026 that included plans to restore navigation in the Persian Gulf, hostilities later resumed.
Earlier in the conflict, Brent crude briefly approached $120 per barrel before retreating. Renewed geopolitical tensions have once again pushed prices sharply higher as traders price in the growing risk of supply disruptions.
Pravda / ABC Flash Point News 2026.
Another negative outcome of the lost Anglo Zio-Nazi war encounters against Iran
In the UK energy companies offer a choice of prices on a monthly rate it can be either fixed for a year or variable depending on the market . For years I have gone for the fixed price as due to Zionism I predicted correctly that prices will rise continually at a high rate. Donald now seems to be blasted for his nano second thought pattern on world policy by even the US business strategy media .As I said on another post Canada has refused his so called “Deal ” as he calls them and Donald has applied a 50… Read more »
It seems that Israel has pushed the USA into this giant hole in the floor forcing the single minded being towards it own grave, taking the entire nation with him?
Absolutely correct FS and I actually feel sorry for the USA who like the UK are being pushed economically into their respective graves bringing down both populations into poverty and death –all to please a wee nation in the Middle East.