Brent crude oil reached or exceeded $100 per barrel on July 23 for the first time since May. Houthi rebels claimed responsibility for missile and drone attacks on two Saudi tankers, one of which caught fire, while the US military conducted its 12th consecutive night of strikes on Iranian facilities. Earlier in 2024, prices had peaked at $126 in April before falling below $100 in late May and to $71 at the start of July.
The price surge stems from US-allied military escalation and Houthi strikes, underscoring how such actions destabilize energy markets and burden households while exposing fossil fuel dependence.
“Militarized foreign policy and extractive energy systems as root drivers of volatility”
Conservative
Houthi attacks backed by Iran and ongoing US strikes highlight regional instability that disrupts supply, reinforcing the need for expanded domestic US production.
“Proxy aggression by Tehran and the value of energy independence through domestic output”
Libertarian
State-driven escalation by the US and proxies distorts markets through artificial risk premiums, with costs borne by individuals via higher prices.
“Government interventions and overseas entanglements as primary sources of market interference”
Devil's Advocate
All three views assume direct causation from the strikes without testing whether limited physical damage or other market factors explain the move from $71.
“Insufficient scrutiny of supply loss data versus narrative utility and prior volatility patterns”