New Delhi, July 23 -- NEW YORK - A Saudi crude carrier burned in the southern Red Sea for the second consecutive night on Wednesday after Houthi forces launched coordinated strikes against two tankers carrying Gulf crude, pushing Brent oil above $100 a barrel for the first time since May and forcing energy markets to reckon with whether Iran's war premium has become permanent.

Brent crude for September delivery crossed $101 a barrel in Asian trading before holding above that threshold through the London morning open, according to exchange data. West Texas Intermediate followed it past $97. The pair have not held above those levels simultaneously since the original Hormuz confrontation in early June, when prices briefly spiked before a St...