Oil Prices Top $98/Barrel Again

College Station, TX, July 24, 2026—”Oil prices rose for the fifth consecutive day early on Thursday, topping $98 per barrel to the highest level in nearly two months, as Houthi attacks on tankers on the Red Sea route intensified concerns about supply from the Middle East,” reports Oilprice.com. 

“Early on Thursday in Europe, Brent Crude prices passed $98 per barrel, rising by 4.21% to $98.03. The U.S. benchmark, WTI Crude, was nearing the $90 per barrel mark, trading at $89.57, up by 3.16% on the day, as the Iran-aligned Houthis appeared to make good on their pledge to target Saudi Arabia’s oil exports from the Red Sea and the Bab el-Mandeb Strait.

“The Red Sea oil chokepoint is critical for Saudi crude oil shipments after the Kingdom has managed in recent months to redirect more than 70% of its exports that previously shipped from the Persian Gulf to the Red Sea port of Yanbu.”