Brent Crude Tops US$100 After Red Sea Attacks

By The Rio Times | Created at 2026-07-23 16:56:34 | Updated at 2026-08-05 23:07:35 1 week ago

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Markets

Key Facts

—The level. Brent crude rose above US$100 a barrel, its first time since May, up about 40% this month.

—The trigger. Houthi missile and drone attacks on Saudi oil tankers in the Red Sea, enforcing a declared blockade of Saudi ports.

—The wider risk. Shipping through the Strait of Hormuz has slowed sharply, deepening supply fears.

—The politics. The US said it would hold Iran responsible for further attacks; Iran warned it would retaliate.

—The forecast. Analysts see room for more gains; Goldman Sachs projects Brent above US$120 by the fourth quarter if disruptions persist.

Oil is back in triple digits. Brent crude topped US$100 a barrel for the first time since May after attacks on shipping in the Red Sea, a jump with real consequences for Latin America’s oil exporters and importers alike.

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After months in the doldrums, oil prices have surged. Brent crude climbed past US$100 a barrel, a level not seen since May, capping a rally of roughly 40% in July.

The spark was violence at sea.

What Happened

Yemen’s Houthis fired missiles and drones at Saudi oil tankers in the Red Sea to enforce a blockade of Saudi ports, with at least one tanker attacked and several diverting course.

The trouble compounded a near-halt in shipping through the Strait of Hormuz, the chokepoint for a large share of the world’s oil, sending traders scrambling to price in the risk.

The Escalation Risk

President Donald Trump said the United States would hold Iran responsible for further Houthi attacks and warned of strikes on Iranian infrastructure; Iran said it would retaliate against US-linked assets in the region.

Analysts warn prices could rise further if the conflict widens, with Goldman Sachs projecting Brent above US$120 a barrel by the fourth quarter should supply disruptions continue.

Live Market IntelligenceCommodities — Live Market BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

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Commodities — Live Market Board

Global
Jul 23, 2026 · 13:55

Brent crude · benchmark

100.70
+7.05%

+46.99% over 12 months

Market breadth · 15 names

33% advancing

5 ▲ advancing10 declining ▼

Currencies, rates & key inputs

Full instrument board

Instrument Last Change YoY Prev. High Low Volume

GOLD	4,054	-2.25%	+19.43%	4,147	4,144	4,043	130,481
SILVER	58.02	-3.34%	+47.70%	60.02	60.36	57.32	29,261
BRENT	100.70	+7.05%	+46.99%	94.07	87.22	85.01	38,512
WTI	92.46	+6.48%	+41.70%	86.83	92.82	87.32	287,920
COPPER	6.34	-1.71%	+9.42%	6.45	6.54	6.33	31,416
LITHIUM	69.28	+0.41%	+59.37%	69.00	69.68	68.65	90,092
IRON ORE	161.91	—	+64.76%		161.91	161.91	1
SOY	1,244	+0.91%	+23.71%	1,233	1,249	1,236	105,716
CORN	487.25	+5.47%	+22.27%	462.00	489.50	483.00	155,223
WHEAT	700.00	-0.81%	+29.51%	705.75	710.25	693.00	58,614
COFFEE	308.90	-2.45%	+2.51%	316.65	321.30	308.25	11,172
SUGAR	14.67	-0.47%	-9.67%	14.74	14.90	14.66	36,829
COCOA	5,308	-0.38%	-37.11%	5,328	5,411	5,165	12,463
ORANGE JUICE	145.05	-3.49%	-56.90%	150.30	148.80	144.10	241
COTTON	81.53	+2.08%	+22.38%	79.87	81.75	79.75	15,710
BEEF	220.70	-1.12%	-2.79%	223.20	221.90	217.38	14,536
CATTLE	339.48	-0.50%	+2.40%	341.17	340.50	333.00	7,417
USD/BRL	5.08	+0.56%	-8.65%	5.05	5.09	5.04	—

Largest moves today

BRENT
100.70
+7.05%

WTI
92.46
+6.48%

CORN
487.25
+5.47%

ORANGE JUICE
145.05
-3.49%

SILVER
58.02
-3.34%

COFFEE
308.90
-2.45%

GOLD
4,054
-2.25%

COTTON
81.53
+2.08%

The session read

The Brent crude rose 7.05%, with breadth negative — 5 of 15 names higher. WTI led, while ORANGE JUICE lagged.

From The Rio Times

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What It Means for Latin America

For the region’s oil exporters, higher prices are a windfall. Brazil, Guyana, Colombia, Ecuador and Venezuela all earn more for every barrel they sell abroad.

For importers, the math runs the other way: pricier crude feeds into fuel and freight costs across Central America, the Caribbean and beyond, adding to inflation pressures.

Why It Matters

Oil at US$100 reshapes trade balances and budgets across Latin America in opposite directions, rewarding producers and squeezing consumers.

How long the spike lasts will depend less on the region than on what happens next in the Red Sea and the Gulf.

Frequently Asked Questions

Why did Brent crude rise above US$100?

Prices jumped after Houthi missile and drone attacks on Saudi oil tankers in the Red Sea, compounded by a sharp slowdown in shipping through the Strait of Hormuz, raising fears over global oil supply.

How high could oil go?

Analysts say prices could climb further if the conflict continues. Goldman Sachs projects Brent above US$120 a barrel by the fourth quarter if supply disruptions persist.

How does US$100 oil affect Latin America?

It benefits exporters like Brazil, Guyana, Colombia, Ecuador and Venezuela, which earn more per barrel, while raising fuel and freight costs for importers across Central America and the Caribbean.