Brent crude surged 27% over two weeks to settle at $96.78 a barrel on Friday, briefly breaching $100 this past week as traders priced in a higher war-risk premium into energy markets amid simultaneous chokepoint threats to the Strait of Hormuz and the southern Red Sea.
Meanwhile, the US appeared to pause its 13-day campaign of daily overnight strikes against Iran. While there was no indication that the operational halt would extend into next week, the pause certainly reinforces the diplomatic signals highlighted in our US-Iran wrap on Friday.
However, there was an escalation overnight with Saudi-led strikes on Iran-backed Houthi targets in Hodeida. This comes after the terror group attacked multiple Saudi-linked tankers in the southern Red Sea area.
Houthis escalate with attacks against Saudi Arabia:
BREAKING: Houthi military spokesman Yahya Saree says the group has launched two "sensitive operations" targeting Saudi Arabia, vowing that the principle of a "blockade for a blockade" will continue.
— Al Jazeera English (@AJEnglish) July 25, 2026
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Saudi Arabian oil refinery reportedly hit by Houthi mis
