Oil shock deepens: Murban surges 19% above $106, Brent jumps to $97 as Red Sea, Hormuz threats ignite fresh energy rally
Middle East shipping threats drive crude to multi-week highs, stoking supply fears
Oil prices extended their sharp rally on Thursday (July 23, 2026) as escalating security risks to Middle East energy shipments pushed crude benchmarks to multi-week highs, with Abu Dhabi's Murban crude posting the strongest gains after attacks and threats against tankers in the Red Sea intensified.
As of 1:03 pm Gulf time (0903 GMT) on July 23, market data showed:
WTI crude: $89.36 a barrel, up $2.53 or 2.91%
Brent crude: $97.67 a barrel, up $3.60 or 3.83%
Murban crude: $106.60 a barrel, up $17.12 or 19.13%
Natural gas: $2.948, up 0.79%
Supply risks
The gains came as traders priced in growing risks to global energy supplies after Houthi forces claimed attacks on Saudi oil tankers in the Red Sea while regional tensions surrounding Iran continued to disrupt shipping through key maritime chokepoints.
Several tankers have altered their routes to avoid the Bab el-Mandeb Strait, adding to concerns over supply security.
Brent crude climbed to its highest level in about six weeks, while U.S. benchmark West Texas Intermediate also reached multi-week highs as investors weighed the possibility of prolonged disruptions to oil flows from the Middle East.
The standout move was Murban crude, the benchmark produced in Abu Dhabi and exported from Fujairah, which surged above $106 a barrel, reflecting heightened demand for Gulf crude grades amid uncertainty over regional shipping routes.
The latest rally follows a series of developments that have heightened market anxiety, including reported attacks on commercial tankers in the Red Sea, continued military activity involving Iran, and renewed concerns over the security of both the Bab al-Mandab and Strait of Hormuz — two of the world's most critical energy chokepoints.
Analysts say higher freight costs, longer shipping routes and increased war-risk insurance premiums are adding upward pressure to crude prices.
Commodity traders are closely monitoring whether further attacks or supply disruptions could tighten global markets even more.
Some market forecasts now warn that oil prices could climb substantially higher if the conflict widens or key export routes become further constrained.
