Brent Hits $92.85 as US Strikes on Iran Fuel 20% Oil Rally

Brent crude rose 2.0% to $92.85 on July 22, 2026, per Reuters, after fresh US military strikes on Iran. WTI gained 2.0% to $86.01. The 30-day rally now stands at 19.5%. Goldman Sachs estimates Persian Gulf oil flows have dropped to the low-70s percent of normal capacity — meaning roughly a quarter of regional supply is offline. Higher fuel costs typically feed through to gasoline and shipping prices.