Crude Oil Price Today Jumps to Six Week High as US Launches New Strikes on Iran and Houthi Targets
- July 23, 2026
- Posted by: Ankit Jaiswal
- Category: News
Brent crude up 2% at $96, six week high, 23 Jul 2026. Settled $3 higher at $94.07 previous session. WTI up 1.7% at $88.27 after rising nearly 3% Wednesday.
The crude oil price today jumped more than 1.5 percent to its highest level in more than six weeks, with the United States launching a new round of strikes on Iran while Yemen’s Houthis targeted oil tankers in the Red Sea. Brent crude futures rose $1.93, or 2 percent, to $96, the highest since 8 June, after having already settled over $3 higher at $94.07 in the previous session. US West Texas Intermediate crude rose $1.44, or 1.7 percent, to $88.27, extending gains after rising nearly 3 percent on Wednesday.
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Crude Oil Price Levels Today
| Benchmark | Price | Change |
|---|---|---|
| Brent Crude | $96.00 | +2.0% (six week high) |
| WTI Crude | $88.27 | +1.7% |
| Brent Previous Session Close | $94.07 | +$3 higher |
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Why Oil Prices Are Surging Today
Two escalating conflict fronts are driving the sharp move higher in crude benchmarks.
Fresh US Strikes on Iran
The United States launched a new round of strikes on Iran, sharply escalating tensions in the region and raising fresh concerns about potential disruptions to oil supply routes and production.
Houthi Attacks on Red Sea Oil Tankers
Yemen’s Houthi forces targeted oil tankers in the Red Sea, adding a second layer of supply risk along one of the world’s most critical shipping corridors for energy cargoes.
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What Rising Crude Oil Prices Mean for India
India imports the vast majority of its crude requirements, so a sustained move toward $100 a barrel would raise import costs, pressure the current account and add inflation risk. Market commentators including Nilesh Shah of Kotak Mahindra AMC have flagged $100 oil as a key level that could trigger a broader correction in Indian equities if sustained.
Conclusion
The crude oil price today reflects a sharp escalation in Middle East tensions, with both Brent and WTI benchmarks posting strong gains over the past two sessions. Investors should track developments around the US-Iran conflict and Red Sea shipping disruptions closely, since sustained higher oil prices could have knock on effects for Indian markets. Consult a SEBI-registered advisor before making investment decisions tied to commodity price swings.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on Today’s Crude Oil Price Move
What is the crude oil price today and why did it rise?
Ans. Oil prices rose to a six week high today, with Brent crude up 2 percent at $96, after the US launched new strikes on Iran and Houthi forces targeted oil tankers in the Red Sea.
What is the current price of Brent crude?
Ans. Brent crude futures are trading near $96 a barrel, the highest level since 8 June, after rising $1.93 or 2 percent in the current session.
What is the current price of WTI crude oil?
Ans. US West Texas Intermediate crude rose $1.44, or 1.7 percent, to $88.27, extending gains after rising nearly 3 percent in the previous session.
How could rising oil prices affect Indian markets?
Ans. Rising oil prices raise India’s import costs and inflation risk, and a sustained move toward $100 a barrel has been flagged by market experts as a potential trigger for an equity market correction.
Why are Houthi attacks affecting oil prices?
Ans. Houthi attacks on oil tankers in the Red Sea threaten one of the world’s most critical shipping corridors for energy cargoes, adding a fresh supply risk premium to crude prices.
Is the current oil price rally likely to continue?
Ans. The rally depends on how the US-Iran conflict and Red Sea shipping disruptions evolve. Sustained escalation could push prices higher, while any de-escalation could quickly reverse recent gains.
Where can I track live crude oil prices?
Ans. Investors can track live crude oil and commodity prices alongside Indian equity markets on the Univest platform.
