Oil's 19% Monthly Jump Puts Disinflation at Risk

WTI crude settled at $87.03 on July 22, 2026, up 18.88% over the trailing month as US-Iran military strikes intensified Middle East supply concerns. Moves this size typically feed into gasoline futures and headline CPI — the broad inflation gauge — within four to six weeks. If prices hold, the disinflation central banks have relied on through 2026 begins to erode.