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US-Iran Military Escalation Pushes Brent Crude Near $90, WTI Above $83.50 on July 20

GateNews
Commodities
Escalating US-Iran military hostilities spiked global oil prices on July 20, with Brent crude approaching the $90 mark and West Texas Intermediate (WTI) climbing above $83.50 following consecutive nights of targeted US airstrikes and Iranian retaliation against American assets in Kuwait and Bahrain. The Islamic Revolutionary Guard Corps (IRGC) declared the Strait of Hormuz unsafe for petrochemical transit, warning that no oil or gas will pass while US operations continue, intensifying supply concerns as shipping companies avoid the critical chokepoint.
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