Key HighlightsBrent crude surpassed the $100 per barrel mark Thursday, reaching this level for the first time since late MayYemeni Houthi forces reported strikes on Saudi oil tankers navigating Red Sea watersAmerican forces conducted their twelfth consecutive evening of military operations against Iranian targetsTehran announced a complete blockade of the Strait of Hormuz for vessels lacking proper authorizationEnergy sector stocks including ExxonMobil and Chevron gained ground, contrasting with S&P 500 futures dropping more than 1%Global energy markets witnessed dramatic price increases Thursday as Middle Eastern conflicts intensified and critical maritime passages faced disruption threats.Brent crude contracts climbed to $100.06 per barrel, marking the first breach of this psychological barrier since late May. Meanwhile, West Texas Intermediate experienced a nearly 5% jump, reaching approximately $91 per barrel.Brent Crude Oil Last Day Financ (BZ=F)The dramatic price movement followed reports from Houthi forces in Yemen claiming responsibility for offensive operations against two Saudi Arabian oil vessels transiting Red Sea waters. According to militant statements, these tankers breached a naval blockade the group had declared days earlier.While Saudi officials have yet to verify any vessel damage, the incidents triggered renewed anxiety regarding potential supply chain interruptions in one of the planet’s most heavily trafficked oil transportation zones.BREAKING: President Trump says the US will “hold Iran responsible” for strikes conducted by Yemen’s Houthis.Last night, the Houthis struck two Saudi Arabian vessels in the Red Sea. pic.twitter.com/URN74tlufl— The Kobeissi Letter (@KobeissiLetter) July 23, 2026Earlier in the week, Houthi leadership issued threats to prevent Saudi-affiliated ships from utilizing the Bab el-Mandeb Strait, a critical bottleneck linking the Red Sea with the Gulf of Aden. Multiple Saudi tankers destined for Indian and Chinese ports had already altered their routes in response to these warnings.Critical Waterway Faces RestrictionsAmerican military forces executed their twelfth straight night of aerial strikes targeting Iranian positions. Iran’s Islamic Revolutionary Guard Corps reported that one of three tankers caught fire near a mined corridor south of the Strait of Hormuz.In response, Iranian authorities announced a complete closure of the Strait of Hormuz, mandating that all oil tankers obtain advance clearance from Iranian officials before attempting passage.Combined, the Strait of Hormuz and Bab el-Mandeb Strait facilitate a substantial portion of worldwide maritime crude oil transportation. Extended disruptions could compel tankers to navigate around the southern tip of Africa, significantly increasing transit duration and expenses.President Trump addressed the situation via social media platforms, cautioning both Iran and Houthi militants of severe military consequences should shipping attacks persist.American officials had criticized Iran for lacking genuine commitment to diplomatic negotiations just one day prior.Energy Sector Gains While Markets DeclineHigher crude prices provided a boost to American energy company valuations. ExxonMobil shares increased approximately 1.5% during premarket sessions, while Chevron experienced gains of roughly 1.9%.The wider equity market painted a contrasting picture. S&P 500 futures declined over 1% before market opening.Official U.S. data introduced an unexpected element to supply assessments. The Energy Information Administration documented an unanticipated inventory increase of 2 million barrels for the period ending July 17, elevating total commercial crude reserves to 411.7 million barrels.Both gasoline and distillate stockpiles registered increases as well. Notwithstanding the inventory expansion, market participants remained fixated on potential supply disruption risks stemming from regional hostilities rather than immediate inventory figures.Market experts cautioned that ongoing uncertainty could persist in influencing financial markets should the conflict continue without diplomatic breakthrough.The post Crude Oil Surges Past $100 Amid Red Sea Attacks and Strait of Hormuz Shutdown appeared first on Blockonomi.