Brent Crude Settles Above $90 as Strait of Hormuz Blockade Threatens Higher Prices and US Inflation

Brent crude settled above $90 per barrel on July 20, 2026 (Reuters), after a 9% single-session surge on July 12 following a US-announced blockade. A sustained Strait of Hormuz disruption — affecting roughly a fifth of global oil supply — risks prices reaching $120–130, pressuring US CPI within one to two quarters. Households would feel it through gasoline and diesel costs within weeks.