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Last updated: July 14, 2026, 8:30 AM ET

Middle East Tensions Send Oil Prices Surging, Impacting Global Markets

Renewed missile attacks on ships in the Strait of Hormuz, pushing Brent crude above $85 a barrel for the first time in a month as the battle for the vital waterway escalates. U.S. Treasury yields in the Middle East pushed oil prices higher, reigniting inflation concerns. The escalating tensions also, impacting markets globally and prompting traders to boost bets on interest rate hikes by the Bank of England and European Central Bank. China has called for restored passage through the Strait of Hormuz as President Trump has reinstated a U.S. blockade on Iranian ships. Trump also announced a 20 percent fee on cargo through the Strait, a move his administration previously deemed illegal. Asian oil buyers are as hostilities intensify, while Iran managed to export at least 57 million barrels of crude during a gap between U.S. blockades highlighting what's at stake for the global oil market.

Financial Institutions Report Strong Earnings Amidst Broader Economic Crosscurrents

The largest banks in the United States collectively raked in tens of billions of profits in the second quarter, despite ongoing geopolitical and inflationary pressures. Wall Street is poised to report a bumper quarter, with a resurgence in mega-mergers and the SpaceX IPO expected to have generated approximately $11 billion in fees for six major banks. However, even as big banks smash earnings records, 'tectonic' risks loom. International Business Machines on an earnings warning, citing weakness in the latest quarter as a number of large deals failed to close and supply chains shifted.

Emerging Markets Attract Investor Interest as Global Uncertainty Persists

Emerging-market bonds' outperformance over Treasuries is attracting growing numbers of investors seeking to capitalize on compelling carry-trade returns. Emerging-market stocks and currencies, however, were little changed as investors turned cautious amid escalating Middle East tensions and awaited U.S. inflation data. Ashmore Group Plc reported net inflows for the three months through June as its emerging-markets-focused funds performed well amidst market uncertainty sparked by the war.

Geopolitical Developments and Policy Signals Shape Market Expectations

European allies gathered for the Bastille Day parade, yet Europe remains a hostage to America’s foreign policy in the ongoing conflict in Ukraine. Meanwhile, U.S. small business confidence improved in June, with the optimism index rising 2.1 points to 97.4 according to the National Federation of Independent Business. Traders have boosted bets on faster interest-rate hikes by the Bank of England and European Central Bank following the surge in oil prices. Fed Governor Christopher Waller indicated that policymakers may need to raise rates if underlying inflation continues to signal broad price pressures.

Corporate News and Sector-Specific Developments

Tower Semiconductor shares, with the Israeli chip manufacturer planning to spend $3 billion on expanding its production in Japan, supported by a $1 billion government grant. In the energy sector, SLB and Liberty Energy are partnering to provide modular parts and power for data centers marking a shift for energy companies. BP Plc reported that it expects to write down another $1 billion from its low-carbon business in the second quarter as it continues to reorient towards its core operations. European companies are set to post their strongest profit growth in three years in the second-quarter reporting season, buoyed by expected strong results from oil majors, banks, and artificial intelligence companies. China's exports of green-tech products rose by over a third in the first half of the year, driven by the accelerating global energy transition.

Technology and Media Sector Updates

Ericsson cautioned on lower profitability due to rising component costs, citing declining sales in North America and Europe and squeezed margins from semiconductor prices. SK Hynix Inc. erased an early plunge to climb more than 3%, underscoring the volatility gripping beneficiaries of the artificial intelligence boom. Nvidia has halved its list of Asian buyers in China amid a chip crackdown, reflecting tougher vetting in Singapore, Malaysia, and Japan in response to Washington's push to close export-control loopholes.

Commodities and Other Market Movements

Lead prices dropped after the biggest delivery into London Metal Exchange warehouses in records going back to 1970. U.S. natural gas futures extended losses for a fourth straight session, weighed down by a large storage surplus and lower LNG demand due to maintenance at Freeport LNG. Gold prices rose on inflation concerns, with focus on upcoming U.S. data rallies reinforced. Thailand will continue to allow 30-day visa-exempted entries for Indian visitors, reversing a proposal to scrap the policy after arrivals from India dropped dealing a blow to the tourism industry.