This Guardian business live blog covers several developing stories on 20 July 2026, dominated by rising oil prices after the conflict between the US and Iran escalated further, alongside separate corporate and market news.

– Oil prices climbed above $90 a barrel as US-Iran hostilities intensified, with three US service members killed in Jordan and Iraq, US strikes hitting targets in southern Iran including Qeshm Island, and Iran retaliating against Gulf infrastructure such as power and desalination plants in Kuwait
– Diplomatic prospects remain poor, with Iran's foreign minister suggesting some nuclear issues may be unresolvable, while tensions rise further in the Strait of Hormuz
– Morgan Stanley warns of a looming European diesel supply squeeze, forecasting stockpiles will fall to around 299m barrels by November, the lowest for that time of year since at least 2015, blaming refining bottlenecks rather than crude supply
– UK warehouse landlord Segro rejected a sweetened £13.5bn takeover approach from US rival Prologis, its third bid, calling it below fair value; Segro shares fell 1.4%
– Ryanair is reported elsewhere to be predicting lower fares this summer