Oil Price Rises Above $90 as Conflict With Iran Cuts Off Key Shipping Route

The global price of oil topped $90 a barrel on July 20, up 1%, as the US struck Iran for a 10th straight night and a tanker was attacked in the Strait of Hormuz — a narrow channel that roughly 20% of the world's oil passes through, per the IMF. That means higher gasoline costs and a tougher inflation picture for the Fed.