22:01 - 23.07.2026

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July 23, Fineko/abc.az. Brent crude oil crossed the $100 per barrel mark for the first time in two months as escalating conflict in the Middle East deepened fears of severe supply disruptions.

The price rally follows attacks by Yemen-based Houthi militants on Saudi oil tankers in the Red Sea and their declaration of a maritime blockade.

With key maritime chokepoints like the Strait of Hormuz and the Bab el-Mandeb Strait facing severe traffic paralysis, and prospects for US-Iran peace talks dimming, energy markets are bracing for a prolonged period of supply constraints and heightened price volatility.