Brent Tops $90 as US-Iran Escalation Threatens a Four-Month Oil Pattern

Brent crude topped $90 on July 20, 2026, up about 3% after US-Iran fighting expanded to vessel targeting (Reuters, Bloomberg). Since March, Brent has traded between $90 and $112 — $90 acting as a floor when ceasefires hold, a launch pad when fighting resumes. Each prior spike was reversed by diplomacy. If this breaks the pattern, April's blockade high of $104 becomes the target.