Oil Hits $92.85 a Barrel as US-Iran Conflict Pushes Prices Up 20% in a Month

Oil prices jumped 2.0% to $92.85 a barrel on July 22, 2026, Reuters reports, after the US launched new military strikes on Iran. Prices have climbed nearly 20% in 30 days. Goldman Sachs estimates the conflict has cut Middle East oil output to around three-quarters of normal. When oil rises, gasoline, heating, and shipping costs usually follow — hitting household budgets directly.