Oil Price Today (July 20): Crude oil jumps 3%, crosses $90 as US and Iran exchange attacks. $100 in sight?

Brent crude surged 3.05% to $90.79 per barrel while WTI climbed 2.65% to $84.68, driven by escalating US-Iran military strikes and naval blockades targeting shipping in the Strait of Hormuz. Both benchmarks posted their biggest weekly gains since April/March last week at around 15.5-15.9%. Goldman Sachs warned Brent could exceed $110 in Q4 if Gulf export recovery is delayed, while Nuvama flagged a scenario of $110-150 if the Strait of Hormuz closes fully, disrupting nearly 20 million barrels a day of flows.