Geopolitical tensions continue to escalate, pushing oil prices to a six-week high

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智通财经2026/07/23 01:06

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During Thursday's Asian early trading session, international oil prices continued to rise by more than 1.5%, with Brent crude breaking above $96 per barrel, at one point reaching a new high of $96.07 since June 8. The United States has launched airstrikes on Iran for the 12th consecutive night, while the Houthis in Yemen attacked an oil tanker in the Red Sea. The ongoing escalation of geopolitical tensions in the Middle East has sharply heightened market concerns over potential disruptions to energy supplies.
The US military stated that it has carried out attacks on Iran for the 12th consecutive night. Previously, US President Trump pledged that “for every shot Iran fires at a vessel in the Strait of Hormuz, the US will destroy an Iranian bridge or power plant”, further intensifying the tensions.
The Iranian Revolutionary Guard stated that an oil tanker exploded and caught fire while attempting to pass through the "mine-filled channel" south of the Strait of Hormuz, and two other oil tankers have turned back. The Revolutionary Guard declared that, during the ongoing US military presence in the region, the Strait of Hormuz remains under its control and “completely sealed off”, warning that no oil tanker is permitted to enter or exit the strait without coordination with Iran.
The Houthi forces, allied with Iran, have opened a new front in the war by threatening to attack ships transporting Saudi oil in the Bab el-Mandeb Strait and declaring a maritime blockade against Saudi Arabia. The Houthis claimed to have taken military action against two Saudi oil tankers, and maritime security reports show that one of the Saudi-flagged oil tankers was attacked in the Red Sea.
According to data from the US Energy Information Administration, US crude oil inventories increased by 2 million barrels last week, refinery operating rates declined, crude oil exports fell, and imports rose. Analysts had previously expected inventories to drop by 1.1 million barrels; the unexpected increase in inventories partially offset the upward pressure caused by geopolitical risks.

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Geopolitical tensions continue to escalate, pushing oil prices to a six-week high

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