Oil Hits $100 a Barrel for First Time Since May as Middle East War Escalates

Brent crude surged more than five percent Thursday as widening conflict in the Middle East spooked energy markets and pushed prices to their highest point in more than two months.

Brent crude crossed $100 per barrel on Thursday, July 23, 2026, for the first time since May.
Prices rose more than five percent in a single session, one of the sharpest single-day moves of the year.
Analysts cited the ongoing and escalating war in the Middle East as the primary driver of the spike.
The move revives fears of sustained high energy costs that hammered consumers and supply chains in 2022.
Fuel and freight prices are expected to follow crude higher within days if the $100 level holds.

Brent crude oil crossed $100 a barrel Thursday for the first time since May, posting a single-day gain of more than five percent as the war in the Middle East showed no sign of easing.

The benchmark price closed above the triple-digit mark on July 23, 2026, alarming energy traders and government ministers alike across Europe and North America.

The jump ranks among the largest single-session moves of the year. Analysts told the Wail the spike reflects straightforward supply-risk pricing: armed conflict near critical shipping lanes and production zones sends traders toward the exits fast.

Consumers in Britain and the United States are already watching pump prices tick upward. Hauliers and airlines, who locked in fuel contracts at lower rates, face renegotiations in the weeks ahead.

The last time Brent held above $100 was in the spring. A sustained return to that level would add roughly £10 to £15 a tank for a typical British driver, according to fuel pricing trackers reviewed by the Wail.

OPEC+ holds an emergency monitoring call on Friday. A formal output decision is not expected before August.