Brent Tops $90 on Strait of Hormuz Blockade, Inflation Risk Looms

Brent crude settled above $90 on July 20, 2026 (Reuters), after a 9% surge on July 12 when the US announced a blockade. The Strait of Hormuz moves about a fifth of global oil supply. A prolonged disruption could push prices to $120–130 and lift US CPI — a key inflation gauge — within one to two quarters. Gasoline and diesel costs would hit households within weeks.