Global oil prices hit $100 a barrel amid attacks in Red Sea
The last time global oil prices settled above $100 was on May 22, data from FactSet shows.
Updated on: July 23, 2026 / 10:16 AM EDT / CBS News
Global oil prices topped $100 a barrel on Thursday as the conflict in the Middle East escalated, with Iran-backed Houthi rebels in Yemen targeting shipping in the Red Sea.
Brent crude, the international standard, touched $100.64 a barrel at 10:05 a.m ET, reflecting an increase of $6.57, or 7%, according to data from FactSet. West Texas Intermediate, the U.S. benchmark, rose to $91.83 a barrel, up 5.8%.
Gas prices are also climbing higher, with the national average hitting $4.09 a gallon on Thursday, up from $3.94 a week earlier, AAA data shows.
The S&P 500 and the Dow Jones Industrial Average both tumbled 1% after the opening bell on Thursday, with the indexes falling 74 points and 514 points, respectively. The tech-heavy Nasdaq Composite slumped 1.8%.
Houthi rebels claimed they struck two Saudi oil tankers in the Red Sea on Wednesday. The attacks threatened shipping in the Bab el-Mandeb Strait, which carries around 7% of the global oil supply, according to Oxford Economics. The strait, which connects the Red Sea with the Gulf of Aden, is a hub for sea trade.