# Oil prices surge after tanker attacks off Saudi Arabia Brent crude tops $98 as US-Iran tensions escalate in the Strait of Hormuz. - **Source:** [US Top News and Analysis](https://brifing.si/source/635540e9-943e-450d-ae52-ae0bfe3b67eb) - **Published:** 2026-07-23 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/119afbd3-ffed-4eb8-b56a-223acb244929 ## Sharp rise in oil prices Following attacks on two oil tankers off Saudi Arabia, Brent crude prices rose 4.6% to $98.44, while US crude gained 3.8% to $90.14. These levels mark the highest prices since late May, reflecting heightened market tensions. ## Houthi claims Yemen's Houthis claimed responsibility for attacking two Saudi oil tankers with drones and missiles, alleging violations of their maritime blockade. However, the attacks could not be independently verified by third-party sources. ## US threats Former US President Trump threatened to destroy an Iranian bridge or power plant for every attack in the Strait of Hormuz. This rhetoric has further escalated tensions after the collapse of the US-Iran ceasefire agreement. ## Iran's retaliation warning An Iranian military source warned that any US strikes would trigger retaliatory attacks on US-linked energy infrastructure in the region. Such exchanges raise concerns about potential wider conflict in the Middle East. ## Market reactions HSBC analysts noted that oil price volatility reflects renewed Strait of Hormuz tensions. They warned that shipping disruptions could drive prices even higher, depending on diplomatic developments in coming weeks. ## Global implications Experts warn rising oil prices may fuel inflation and strain global economies. In the US, increasing gasoline prices could spark public backlash against current Middle East policies and military strategies. ## Sources covering this story - https://www.cnbc.com/2026/07/23/oil-prices-today-wti-brent-trump-iran-hormuz.html — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._