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Last updated: July 22, 2026, 5:30 AM ET

Oil Prices Surge Amid Middle East Tensions and Supply Concerns

Crude oil prices as the conflict in the Middle East escalated, with Brent crude. Goldman Sachs warned that Brent crude prices could jump to $120 if the Strait of Hormuz remains disrupted. The International Energy Agency cautioned of from the escalating Iran conflict, emphasizing there is "no room for complacency" and pointing to tightness in refined products. Equinor reported its second-quarter adjusted operating income as the Norwegian energy major capitalized on higher oil and gas prices triggered by the conflict. U.S. Treasuries pushing yields to the highest in about two months as the surge in oil prices stoked inflation concerns, potentially prompting the Federal Reserve to raise interest rates. Meanwhile, Indian refiners have from Iraq due to mounting security risks in the Strait of Hormuz.

Tech Stocks Face Headwinds Ahead of Key Earnings Reports

A rally in technology stocks lost steam ahead of earnings reports from major tech companies that will shape investors’ outlook for artificial intelligence firms. U.S. stock futures slipped as the AI stock rally cooled, while European equities as a rally in technology stocks stuttered. Investors are closely watching Alphabet Inc.’s earnings for signs of strong growth in its cloud-computing business, which would demonstrate a clear return on the company’s significant AI spending. Super Micro Computer announced that its fourth-quarter gross margins as expected, projecting margins of 15% to 17%, up from its previous guidance. U.S. chip stocks rebounded, lifting indexes ahead of major technology earnings, and the Nasdaq 100 Index in weeks as chipmakers at the center of the AI trade overshadowed geopolitical tensions.

Gold Prices Rise on Geopolitical Risks and Fed Outlook

Gold futures in two weeks on dip buying as investors weighed risks in the Middle East and awaited the Federal Reserve's meeting next week. Gold extended its gains as dip-buyers supported prices despite escalating tensions in the Middle East keeping the market under pressure. The WSJ Dollar Index rose 0.2%, up for four consecutive trading days, but the weakening dollar provided some support for gold. Fresnillo’s gold and silver production at key mines, although the miner backed its full-year guidance.

Currency Markets Show Volatility Amid Economic and Geopolitical Factors

Sterling faced volatility amid fiscal uncertainty, though it rose against a softer dollar. The yen’s weakness has become a growing issue for Japan’s policymakers, driving up import prices and household living costs. The yen weakened past ¥163 to the dollar for the first time in almost 40 years before recovering some ground on the prospect of faster interest-rate hikes from the Bank of Japan. The Philippine central bank intervened in the foreign-exchange market as the peso fell to a record low, joining India in protecting currencies hit by surging oil prices. The Indian rupee has fallen about 2% from its June high, with bets on a recovery vanishing as soaring crude prices blunt inflows.

European Markets React to Inflation Data and Energy Price Hikes

Eurozone government bond yields as oil prices increased, while lower-than-expected headline UK inflation for June had little immediate impact. Investment funds and speculators boosted their net-long positions in European gas by the most since the first week of the Iran war, signaling a strong conviction that prices still have room to rise. European heatwaves wiped €2bn from the value of the grain crop, with France and Hungary worst hit by lost production of maize and wheat.

Corporate Earnings and Strategic Moves Shape Sector Performance

Airbus shares after the group announced plans to significantly boost its profitability anticipating continued strong demand. General Motors posted second-quarter net income of $1.31 billion, with revenue rising to $48.03 billion, and, citing strong demand. Santander's net income rose 3% after taking a €250 million charge related to the restructuring of its UK TSB bank acquisition. Kloeckner views Worthington's delisting bid favorably, though it.

Global IPO and Deal Markets Show Activity Amid Economic Shifts

Maharashtra State Electricity Distribution Co. has shortlisted six investment banks for a planned initial public offering that could raise up to $1 billion. Investment fund TPG Angelo Gordon Inc. plans to sell a Tokyo hotel property to Japan Hotel REIT Investment Co. for $860 million amid a tourism boom. InMobi Pte has appointed four banks for an initial public offering expected to raise about $1 billion for the Indian mobile advertising company. Private capital is missing out as an IPO and deal boom lifts Wall Street banks, marking a dramatic shift from recent years when the sector was seen as more resilient to changes in financial markets.

Economic Policy and Trade Discussions Continue Globally

U.S. Secretary of State Antony Blinken and his Indian counterpart S. Jaishankar reinforced the importance of concluding an interim trade agreement between their two countries. The U.S. Treasury Department has expressed concern over a number of high-profile tax strategies touted by Wall Street that it says may be “too good to be true”. U.S. lawmakers and Israeli officials have expressed opposition to a potential Saudi plan that could allow them to enrich nuclear fuel, fearing the kingdom could use a civilian nuclear project to develop nuclear weapons. The Trump administration is offering exemptions to companies that invest in American smelters as it.

Commodity Markets Track Geopolitical Events and Supply Chain Issues

Wheat rose for a second session on escalating Black Sea tensions and worsening crop prospects, while corn hit a two-month high as wheat gains. Copper pulled back from its highest level since early June as traders watched for any announcement from the White House on its plans for import tariffs on the metal as copper wavers. Steelmaker SSAB’s earnings rose despite higher costs from the Iran war, with higher prices and shipments boosting second-quarter earnings as earnings rise. Lynas Rare Earths Ltd. shares dropped to a five-month low after Australia’s largest rare-earths producer reported quarterly sales that missed analysts’ expectations.