Oil surges past $100 as Middle East conflict escalates

Oil prices surged past $100 per barrel for the first time since May, driven by a dangerous escalation in the Middle East conflict. The Brent crude benchmark jumped over 7% on July 23-24 after Houthi rebels attacked two Saudi oil tankers in the Red Sea, raising fears of supply disruptions Source: CNN. The West Texas Intermediate (WTI) also rose sharply, closing above $92 Source: eldiado. However, prices corrected on July 24, with Brent falling back below $100 amid profit-taking and hopes of renewed diplomacy Source: emolcl.

Geopolitical triggers

The Houthi attacks on Saudi tankers in the Red Sea, coupled with the ongoing US-Iran conflict, have threatened two key chokepoints: the Strait of Hormuz and the Bab el-Mandeb strait Source: larepublicaco. The number of tankers crossing the Strait of Hormuz fell to just one on July 23, the lowest since May Source: larepublicaco. The US carried out a 13th consecutive night of strikes on Iranian military targets, while Trump warned of a "severe military punishment" if Houthi attacks continue Source: eldiado.

Winners and losers

• Argentina benefits from higher crude export revenues, which could add $5 billion in exports and boost Vaca Muerta production Source: infobae.
• However, domestic fuel prices face upward pressure as refineries pass on higher import costs Source: infobae.
• Wall Street saw mixed results: energy stocks like Vista rose nearly 3%, while broader indices fell as oil fears stoked inflation worries Source: portafolioco.
• Global supply risks remain elevated; analysts warn that the market has entered a "more dangerous phase" Source: CNN.