Brent crude oil prices rose more than 7% amid a production cut in Kazakhstan and attacks on tankers in the Red Sea. This was reported by Qazaqyia.kz citing Kursiv Media.

Data from the Intercontinental Exchange (ICE) shows that the September futures contract for Brent crude added 7.2%, reaching $100.8 per barrel.

Reuters attributes the oil price increase to two main reasons. The first is strikes on two Saudi tankers in the Red Sea. The strikes were carried out by Iran-backed Houthis. This is a military-political group of the Shiite minority (Zaydis) in Yemen, also known as Ansar Allah. They control a significant part of the country, including the capital Sanaa, and oppose the government, supporting Iran in the regional conflict with Saudi Arabia, Israel, and the United States.

The attacks could lead to the closure of the Bab el-Mandeb shipping route, which controls access from the Red Sea to the Indian Ocean and is the second most important oil chokepoint after the Strait of Hormuz. US President Donald Trump promised to "hold Iran accountable" for any further attacks.

On Monday, Iran-backed Houthis announced a naval blockade against Saudi Arabia, which had been redirecting its oil via pipeline to bypass Iran's closure of the Strait of Hormuz. Iran pressured the Houthis to close the Bab el-Mandeb Strait leading to the Red Sea if the US continued to attack Iranian energy infrastructure after a temporary truce between the two countries collapsed two weeks ago.

The second reason for the oil price rise is a production cut in Kazakhstan. On July 21, the Caspian Pipeline Consortium (CPC) stopped receiving oil from Kazakhstan after suspending crude loading onto tankers at a marine terminal near Novorossiysk. The Ministry of Energy explained the halt as necessary to ensure the safety of vessels and crews following a series of drone attacks. Due to reservoir filling, oil-producing companies were forced to reduce output: on July 22, Kazakhstan's production fell by 21.3% to 1.63 million barrels per day, while at Tengiz it more than halved. About 80% of Kazakhstan's oil exports pass through the CPC.

CPC facilities and related tankers have been repeatedly attacked. In February 2025, seven drones damaged the largest oil pumping station "Kropotkinskaya," reducing the system's capacity by 30–40%. In November, unmanned boats disabled one of the marine terminal's offshore berthing devices. A new series of attacks occurred in July 2026: on July 17, the tanker Nordic Zenith heading to the terminal was damaged; on July 19, the ASIA and NISSOS IOS loading Kazakh oil were hit; and on July 20, the tanker NELSA was damaged. After that, loading and receiving oil had to be suspended.