Brent crude oil surges past ninety dollars amid U.S.-Iran military escalation

Brent crude oil rose above $90 a barrel on July 20 after the United States launched military strikes against Iran. The price reached $90.87, which was about 3% higher than the day before.

Tensions between the two countries have pushed energy markets higher. Iran called the U.S. strikes a "declaration of war" in a letter to the United Nations and refused to hold direct talks with Washington. Three U.S. soldiers died during the escalation. Iran also carried out a drone attack on Israel.

Analysts had already warned that oil could reach $90 if fighting between Iran and Israel grew worse. Higher oil prices can push up the cost of everyday goods and put pressure on economies around the world.