Oil rises above $90 as US-Iran strikes escalate; Ryanair predicts lower fares this summer - business live

Oil prices pushed above $90 a barrel as the conflict involving the US and Iran intensified, adding fresh strain to global markets and deepening fears about supply disruption, according to a monitored public feed from The Guardian Business.

In the live business coverage, Deutsche Bank strategist Jim Reid said the jump in crude and the latest wave of strikes showed “how quickly the situation is deteriorating.” The update described a sharp escalation in the Middle East, with US strikes hitting targets including Qeshm Island and multiple locations in southern Iran.

The feed also said three US service members were killed in separate incidents in Jordan and Iraq, while Iran widened its retaliation beyond military targets. According to the report, Iranian attacks were aimed at critical infrastructure across the Gulf, including power and desalination facilities in Kuwait. Drone and missile attacks were also launched toward US bases and regional allies.

The worsening security picture appeared to further unsettle shipping through the Strait of Hormuz, a key route for global energy flows. The update said Iran signalled a more assertive approach to traffic through the waterway and claimed to have intercepted vessels trying to pass through it.

Diplomatic hopes remained limited. The Guardian’s live coverage quoted Iran’s foreign minister, Abbas Araghchi, as suggesting that some nuclear issues may “remain unresolvable,” a statement that added to expectations that tensions could stay elevated.

The business implications were quickly spreading beyond oil. The feed said the conflict was contributing to consumer hesitancy, broader economic uncertainty and later bookings in travel markets. It also raised concerns about possible shortages of jet fuel in the European Union, a risk that could affect airlines and pricing.

One airline being watched closely is Ryanair. The carrier said it expects lower fares this summer, according to the same live update. The feed said there had been a slight recent increase in volumes, but pricing for the second quarter is still trending modestly lower year on year. Ryanair added that the final outcome for the first half will depend heavily on close-in bookings in August and September.

The report, based on a monitored public feed, suggests investors and consumers alike are facing a more complicated summer than many had expected, with energy costs, shipping risks and travel demand all moving in different directions at once.

Source: The Guardian Business - https://www.theguardian.com/business/live/2026/jul/20/oil-price-rises-us-iran-strikes-ryanair-lower-fares-summer-economy-latest-news-updates