Oil Prices Jumped 19% in a Month — Here's Why It Matters

Oil hit $87.03 a barrel on July 22, 2026, up 18.88% in a month as fighting between the US and Iran raised fears of supply disruptions. Price jumps like this usually reach gasoline pumps within four to six weeks, pushing up the cost of living. If oil stays this high, the steady easing of inflation that central banks have counted on through 2026 could fade.