Brent Holds $90 as US-Iran Escalation Tests a Four-Month Oil Pattern

Brent crude surpassed $90 on July 20, 2026, rising roughly 3% as US-Iran military attacks expanded to include vessel targeting in the Middle East (Reuters, Bloomberg). Since March, Brent has traded in a $90–$112 band — $90 as a ceasefire floor, a launch point when fighting resumes. Each prior spike was reversed by diplomacy. If this escalation breaks that pattern, the April blockade high of $104 becomes the target.