Crude oil prices climbed to their highest level in over six weeks on Thursday, with Brent crude futures rising $1.93, or 2%, to $96 per barrel. US West Texas Intermediate (WTI) crude also gained $1.44, or 1.7%, to $88.27 per barrel, extending the previous day's nearly 3% rally, according to livemint.com.
The price surge followed fresh US military strikes on Iran and attacks by Yemen's Houthi rebels on oil tankers in the Red Sea. These developments heightened geopolitical tensions in the region, disrupting supply concerns and pushing oil prices higher. Brent crude's rise to $96 per barrel marks the highest level since June 8, reflecting market reactions to the escalating conflict.
The increase in crude prices impacts global energy markets, with India among the countries sensitive to such fluctuations due to its heavy reliance on oil imports. The recent price movement follows a broader trend of volatility linked to geopolitical risks in the Middle East, which is a key oil-producing region. Higher crude prices typically translate into increased fuel costs and inflationary pressures in importing economies.
The latest price levels were recorded on July 23, 2026, as reported by livemint.com, highlighting the immediate market response to the US-Iran conflict escalation and related maritime attacks.