Oil Prices Jump Above $90 After Blockade, Could Raise Cost of Living

Oil settled above $90 a barrel on July 20, 2026 (Reuters), after a 9% jump on July 12 when the US announced a blockade. The Strait of Hormuz, a narrow shipping route carrying about a fifth of the world's oil, is at the center of it. If disrupted for long, prices could reach $120–130, raising inflation and pushing up gasoline and diesel costs within weeks.