World
Oil: Brent crude breaks $100 per barrel amid Iran-USA military escalation
On July 23, 2026, Brent crude—the global standard for crude oil pricing—reached $100 per barrel, driven by military escalation between the United States and Iran over the Strait of Hormuz. On the night of July 22–23, the United States launched its 12th consecutive wave of nighttime strikes against Iran. Iran extended its retaliatory strikes to Kuwait and Jordan, where U.S. military bases were targeted. Secretary of State Marco Rubio stated from Manila that Tehran is "now paying the price" for breaking agreements with Washington.