Iran

Oil Crosses $100 Again After Houthi Attack in Red Sea

Is this a result of U.S.-Israel military action or Iran's calculated oil market warfare?

Published JUL 24

Houthis Hit Saudi Tankers, Oil Surges 7% Amid Iran War

Story

Above: The targeting of the commercial vessel named "Eternity C cargo ship" in the Red Sea on July 8, 2025. Image credit: Houthi Media Center/Getty Images

The Facts

Brent crude settled 7% higher at $100.69 a barrel on Thursday as the Houthi attacks on Saudi tankers raised fears of further disruption to global oil supplies. Average U.S. gas price rose to $4.09 a gallon.
Financial Times
NBC
Bab al-Mandeb Strait traffic fell 34% on Tuesday, dropping to 29 vessels, shipping data firm Kpler said. Goldman Sachs has estimated that Brent crude will pip $120 in the fourth quarter if the Strait of Hormuz stays closed.
Al Jazeera
The Telegraph
Houthi rebels struck two Saudi oil tankers — the Encelia and Layla — in the Red Sea on Wednesday, using drones and cruise missiles. They also placed a blockade on Saudi vessels in the Bab al-Mandeb Strait.
The Telegraph
FOX News
Guardian
The U.S. Senate voted 47-49 on Thursday to reject a resolution to rebuke President Donald Trump over the war in Iran. The House previously passed a similar measure to limit Trump's war powers.
FOX News
CNN
Trump is reportedly considering "a massive attack" on Iran, with the U.S. having moved special forces to the region. The U.K. meanwhile said it “stands ready 24/7 to defend itself” over threats against letting the U.S. use British bases.
Independent
Financial Times

Sources Split

LEFT

CENTER

RIGHT

ESTAB
CRIT

CENTER

PRO
ESTAB

The Spin

Anti-Trump narrative

The Trump's attacks on Iran have hammered working-class Americans at the pump, with gas averaging $4.50 a gallon and diesel up over 50%. Each household has already absorbed nearly $295 in extra fuel costs, with the poorest Americans spending half a week's income just to cover the spike. Oil could hit $200 a barrel by summer, and Trump owns every cent of it.

Glenn Greenwald on X

The New York Times

Anti-Iran narrative

Iran is deliberately weaponizing oil markets through its Houthi proxies, first shutting the Strait of Hormuz and now blockading Bab al-Mandeb to strangle Saudi Arabia's only remaining export route. Tehran is betting Trump will flinch as prices top $100 a barrel. This is a calculated pressure campaign by Iran, and caving to it would hand a terror-aligned regime a massive strategic win.