Brent Crude Hits $100.69 on July 23 as Iran-U.S. Tensions Escalate; Korean Inverse Oil ETNs Fall 83%

According to the Korea Exchange, inverse WTI crude oil ETNs listed on domestic markets dropped as much as 83.64% from January 2 through July 23, 2026, as Brent crude surged to $100.69 per barrel on July 23. WTI crude reached $92.28 per barrel. The Meritz Inverse 2X WTI Crude Futures ETN recorded the steepest decline at -83.64%, followed by four other inverse ETNs all falling above -83.23%.

Rising tensions between the U.S. and Iran, combined with Houthi blockades of the Red Sea route and reduced traffic through the Hormuz Strait to one-quarter pre-war levels, have disrupted global oil supply chains. Global crude and gasoline inventories have fallen to five-year lows, with U.S. strategic reserves at their lowest level since 1983.