Brent Crude Tops $90 as US-Iran Strikes Enter 10th Night and Hormuz Stays Shut

Brent crude settled above $90 on July 20, up 1%, as US strikes on Iran hit a 10th straight night and a tanker was attacked in the Strait of Hormuz. The IMF says the strait's closure has cut off about 20% of global oil supply. Prices at this level feed into gasoline costs and complicate the Fed's inflation outlook.