Brent Crude Tops $90 as US-Iran Strikes Hit 10th Night and Hormuz Remains Shut

Brent crude settled above $90 on July 20, up 1%, as the US launched its 10th consecutive night of strikes on Iran and a tanker was attacked in the Strait of Hormuz. The IMF estimates the strait's closure has cut off roughly 20% of global oil supply. Sustained prices at this level feed directly into gasoline costs and complicate the Federal Reserve's inflation outlook.