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Last updated: July 24, 2026, 5:30 PM ET

Oil Prices Surge Amid Geopolitical Tensions and Supply Disruptions

Oil futures a barrel, driven by a widening conflict in the Middle East and Ukrainian strikes on Russian infrastructure, leading to despite a pullback from Thursday's highs. Brent crude is expected to end the year near the $100 mark due to the deteriorating US-Iran ceasefire, with ship insurers now for Saudi Arabian cargoes in the Red Sea due to Houthi rebel attacks. Russia's largest Black Sea oil port halted loadings amid a surge in Ukrainian drone activity, while the U.S. dollar remained strong and was expected to stay that way until a U.S.-Iran ceasefire. The escalating conflict in the Middle East has also kept a lid on optimism in base metals, causing them to fluctuate.

US Equities Experience Volatility Amidst Inflation and Tech Jitters

The Dow Jones Industrial Average, with the S&P 500 gaining 0.1% and the Nasdaq composite falling 0.6% as oil retreated on peace talk hopes. However, spending worries, and the Nasdaq 100 Index tumbled, capping its first back-to-back weekly loss since late March due to the oil price spike and a selloff in tech stocks. Wall Street bulls are $100 oil, tariffs, and AI angst, as corporate earnings, despite being strong, have failed to impress investors fretting about AI spending and economic growth. Markets are pricing in a scenario where "everything goes right," leaving investors uncompensated for mounting risks, according to Bank of America's head of European equity strategy.

US Economy Shows Resilience Amidst Tariffs and Shifting Economic Landscape

The U.S. cattle herd grew modestly, signaling ranchers may be starting to retain more animals after a historic shortage. Meanwhile, U.S. tech groups have despite an AI spending boom, reshaping Silicon Valley while the wider U.S. jobs market holds steady. American Express in the second quarter due to increased card member spending, and Booz Allen Hamilton reported higher-than-expected profit due to accelerating demand and cost-cutting efforts. The Canadian National Railway citing firmer freight demand and shifting economic conditions.

Trump Administration's Tariff Policies and Their Global Impact

President Trump in retaliation for fines on U.S. tech groups, potentially sharpening trade tensions. The administration also launched new duties tied to countries' imports of goods made with forced labor, imposing a 10% tariff on. Small businesses are over the latest tariffs, while a dispute over these tariffs has snarled a Russia sanctions deal. China, however, has, with its overall average weighted tariff on Chinese goods remaining about the same.

Global Markets and Corporate Developments

Hedge funds have accumulated the on the Canadian dollar in two years due to the threat of American tariffs. Fitch Ratings upgraded, citing the market maker's strong income growth. LSEG is reviewing data on U.S. investment grade funds after JPMorgan flagged a potential error. In Europe, Commerzbank's chair called for talks with UniCredit after a takeover battle, while Victoria Plc reported a wider annual loss due to its recent debt refinancing. Malaysia raised $1.5 billion in its in five years to manage a rising fuel subsidy bill.

AI and Tech Sector Developments

Meta faces in its latest $12 billion data center financing, as investor anxiety over rising AI exposure persists. BlackRock Inc. has seen weak demand for a $12.3 billion high-grade bond sale to fund a Meta Platforms Inc. data center project. AI labs are beginning to, with Anthropic and OpenAI offering tailored solutions for educators and students. Apple is suing OpenAI for alleged theft, though Silicon Valley is founded on the exchange of ideas.

Other Notable Market and Economic Events

Gold ended week at $4067.60, and silver also rose. The U.S. dollar wrapped its as haven demand rose amid heightened geopolitical tensions. Colombian rations LNG on a port shutdown, urging schools and businesses to go remote. Dangote targets a with oil and fertilizers, preferring London for the listing of its. The yen is on track for its in more than two months, with intervention warnings doing little to deter investors.