Red Sea Attacks Resume as Brent Crude Closes Above 100 DollarsA · FULL TRANSLATION
- The IMO condemned a July 23 attack on a merchant ship in the Red Sea
- UKMTO reported Red Sea attacks on July 5 and July 23
- Brent crude closed at $100.69 a barrel on July 23
- The Houthis declared an embargo on Saudi-bound shipping
- Saudi Arabia had been using Red Sea ports to bypass Hormuz constraints
The Red Sea fire is spreading, not fading. The IMO condemned the July 23 attack on merchant shipping, and the escalation's new phase is its widening target set: after clashes with Saudi Arabia, the Houthis declared an embargo on Saudi-bound maritime transport—striking at the very Red Sea ports Riyadh was using to bypass a constrained Strait of Hormuz.
Oil has priced the shift: Brent moved from $86.99 on July 20 to a $100.69 close on July 23. For Japan, that is direct import-price pressure; for global shipping, higher insurance and rerouting costs. With both main Gulf export corridors under stress, the upside risk in crude is not yet exhausted.
The International Maritime Organization issued a statement on July 23 condemning that day's attack on a merchant vessel in the Red Sea, calling the sea a critically important shipping lane for international trade and warning that attacks heighten tensions and deepen shipping disruption. The UK Maritime Trade Operations reported Red Sea attacks on both July 5 and July 23.
Yemen's Houthis have attacked shipping through the Bab el-Mandeb strait since November 2023. According to a July 1 UN Security Council report, following the US-Israel-Iran clashes the Houthis signaled possible strikes on Israel-linked vessels in the Red Sea. After exchanges of fire with Saudi Arabia from July 13, the Houthis declared an embargo on Saudi-bound maritime transport on July 20, drawing a Gulf Cooperation Council condemnation; Reuters reported President Trump saying the US would respond militarily if needed.
With Hormuz transit effectively constrained, Saudi Arabia has been using Red Sea ports as a partial alternative route. Per the US EIA, Brent crude stood at $86.99 a barrel on July 20; London Stock Exchange data show it closed at $100.69 on July 23. Continued attacks raise concern about further impact on oil prices. (Source: JETRO Business News; see original for details.)