Oil Price Today (July 24): Crude oil dips below $100 but up 13% this week as supply tensions mount. $120 per barrel possible?

Brent crude futures fell 1% to $99.68 per barrel but are set for a 13.5% weekly gain, while WTI dropped to $91.49 with an 11% weekly rise. Supply tensions have intensified after Iran-aligned Houthis attacked Saudi oil tankers in the Red Sea, threatening the Bab el-Mandeb shipping route, and Kazakhstan temporarily cut production following drone attacks on its Black Sea export terminal. Goldman Sachs warned Brent could climb to $120 per barrel if Strait of Hormuz disruptions continue, though its base case sees prices easing to $80 in Q4 if tensions subside.