Brent crude tops 98 dollars as Hormuz tensions intensify

Oil prices extended their climb on Thursday, 23 July. By 6:15 a.m. Eastern time, Brent crude reached 98.49 dollars a barrel, about 3.02 dollars above the previous morning and nearly 29.58 dollars higher than a year earlier.

The main driver is geopolitical tension over the Strait of Hormuz. President Donald Trump has warned the United States would strike Iranian infrastructure if Tehran attacked ships transiting the strait, while Iran has threatened retaliation. Missile and drone strikes by Houthi forces on two Saudi oil tankers in the Red Sea have also raised concern over a key alternative route for Saudi crude exports.