Oil Tops $100 as Tanker Attacks Widen; Chevron and BP in Focus

Brent crude settled above $100 a barrel on Thursday for the first time in nearly two months, closing at $100.68, while WTI briefly crossed $100 intraday before settling near $92. The spike followed Houthi attacks on two Saudi tankers in the Red Sea and renewed U.S.-Iran hostilities around the Strait of Hormuz.

Regional crude flows have been severely disrupted, with Middle East seaborne exports down roughly 82% from January levels. Energy majors have been among the year's best performers: Chevron is up about 29% year to date ahead of its July 31 earnings report, while BP has gained 27% and continues to prioritize debt reduction over buybacks.

Higher crude is a double-edged sword for the broader market — a tailwind for energy holdings but a growing cost pressure for airlines and consumer-facing companies as gasoline prices hover near $4.