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Last updated: July 23, 2026, 11:30 AM ET

Geopolitical Tensions Fuel Oil Surge, Dollar Strength

Oil futures for the first time in two months, driven by escalating conflict in the Middle East and renewed Houthi attacks on Saudi Arabian oil tankers in the Red Sea. Brent crude’s rise threatens a prolonged surge in inflation, prompting traders to price in a potential Federal Reserve rate hike . The intensifying war also boosted the dollar as investors sought haven assets, while Treasury yields climbed to. Russia warned that its Black Sea waters were unsafe for navigation following Ukrainian attacks on ships, and the closure of the Strait of Hormuz has limited diesel shipments, risking global food supplies. Three crude supertankers, however in the past 24 hours. Asian oil buyers are in talks to reroute Saudi Red Sea flows around Africa due to the attacks, and U.S. oil exports are set for a comeback as buyers look elsewhere.

Corporate Earnings and Market Reactions to AI and Oil

Dow Inc. swung to a profit of $802 million, or 99 cents a share, compared with a loss in the prior year, benefiting from higher prices that offset material costs and shielded its supply chain from Middle East. Conversely, Tesla shares tumbled 11% after discounts impacted profits, despite a rebound in car sales. STMicroelectronics saw its shares after its third-quarter sales forecast missed expectations, quashing AI enthusiasm, though the company raised