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Brent Crude Hits $100 Post-Houthi Attacks, Oil Jumps 40%

7/26/2026

48 10 Full Breakdown

Summary

Story summary

Brent crude hit $100 per barrel on July 24 after Houthis struck two Saudi tankers.
Oil rose almost 40% in July, the biggest monthly jump since March, while European gas futures reached their highest level since March.
Analysts expect the European Central Bank to add two quarter-point hikes by year-end and the Federal Reserve to deliver two hikes by January, reviving stagflation worries.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia, imposed an oil embargo that raised Brent from about $3 to $12 per barrel—a roughly 300 % jump—by early 1974. The shock sparked stagflation and a push for energy security. Today Houthi attacks on Saudi tankers have pushed Brent above $100, reviving similar supply-risk concerns for central banks.

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Story summary

Brent crude hit $100 per barrel on July 24 after Houthis struck two Saudi tankers.
Oil rose almost 40% in July, the biggest monthly jump since March, while European gas futures reached their highest level since March.
Analysts expect the European Central Bank to add two quarter-point hikes by year-end and the Federal Reserve to deliver two hikes by January, reviving stagflation worries.

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