Public Markets 24 Hours

Last updated: July 22, 2026, 2:30 PM ET

Energy Markets Brace for Supply Shocks Amid Geopolitical Tensions

Global energy supplies are under significant strain as critical chokepoints face disruption. The Strait of Hormuz, Bab al-Mandeb, and the Black Sea are collectively imperiling roughly a quarter of the world's oil supply. In response to a looming global shortage, US refiners are ramping up diesel production to near-record levels, bucking seasonal trends due to ongoing conflicts involving Russia and Iran. Qatar Energy is preparing to further extend force majeure on liquefied natural gas shipments through mid-October, a move that would prolong supply concerns. European gas prices are approaching highs seen during the Iran war as heatwaves and competition with Asian buyers leave the market vulnerable to disruptions in the Strait of Hormuz. Norsk Hydro ASA, a leading European aluminum producer, warns that the global aluminum market will face deepening deficits if constraints on shipments through the Strait of Hormuz continue. Oil prices slightly trimmed earlier gains as investors closely watched Middle East developments amid escalating attacks between the U.S. and Iran and threats to Red Sea shipping by Houthi rebels. Goldman Sachs warns that Brent crude could jump to $120 if the Strait of Hormuz remains disrupted jump to $120. Despite geopolitical tensions, U.S. commercial crude oil stockpiles rose unexpectedly by 2 million barrels last week as imports increased and exports fell.

Gold and Silver Shine Amidst Economic Uncertainty and Rate Speculation

Precious metals extended their gains as traders remain uncertain about the Federal Reserve's next move. Gold settled 1.9% higher, marking its second consecutive session of gains, while silver rose 2%, extending its rally for a fourth-straight session. Gold advanced further, supported by dip-buyers who scooped up the metal after recent price declines amid concerns that U.S. inflationary pressures might prompt the Federal Reserve to raise