Brent Crude Surges to $96.78/Barrel on Middle East Tensions, Up $8.68 in One Week

According to Petronet (Korea National Oil Corporation's data platform), Brent crude prices reached $96.78 per barrel on July 24, up $8.68 from $88.10 one week earlier. Dubai crude and WTI rose $13.50 and $6.82 respectively. On July 23, Houthi forces attacked two tankers in the Red Sea, pushing Brent above $100.69 per barrel—the first time since May 22. South Korea's KOSPI index fell 5.72% to 6,690.62 on July 24 amid market volatility.

Continued oil price increases may drive consumer inflation higher, raising the possibility that South Korea's central bank will accelerate rate hikes. The Bank of Korea raised its benchmark rate by 0.25% on July 16 and may increase further in August if inflation pressures persist.