International Oil Prices Surge Over $100 Due to Red Sea Attacks

On July 23, 2026, international oil prices surged beyond $100 per barrel. This development followed claims by Houthi rebels in Yemen that they had attacked two oil tankers in the Red Sea. The incident has sparked concerns about potential disruptions in global energy supplies.

In response to these events, President Trump issued a warning. He stated that should the Houthis attack another ship, the United States would impose “major military punishment.” Additionally, Trump cautioned of possible escalation within Iran.

Reporter Background:

Nick Schifrin is the Foreign Affairs and Defense Correspondent for PBS NewsHour. He also hosts the program Compass Points on PBS News. His reporting focuses on foreign affairs and military-related topics.

This report was produced with assistance from Dan Sagalyn, who is the deputy senior producer for foreign affairs and defense at PBS NewsHour. Sagalyn has played a significant role in producing groundbreaking stories on military matters, often uncovering debates that occur outside of public view.