Public Markets 3 Days

Last updated: July 8, 2026, 5:30 AM ET

Global Markets Under Pressure Amid Middle East Tensions and AI Rotation

Energy & Commodities

Oil prices climbed significantly amid renewed fears of supply disruptions as the U.S. and Iran exchanged strikes, marking the strongest escalation of tensions in the Persian Gulf and putting shipping recovery at risk. Crude oil futures jumped by nearly 6% after attacks on shipping in the Strait of Hormuz prompted the U.S. to revoke a waiver that had relaxed restrictions on Iranian crude sales. This volatility also saw soybean oil futures reach a three-week high. European natural gas prices climbed above €48 per megawatt-hour as the escalating U.S.-Iran tensions compounded supply concerns ahead of the winter heating season. Chinese refiners received more permits to export gasoline, diesel, and jet fuel this month, a notable relaxation of export restrictions. BP Plc boosted jet fuel production at its European refineries by approximately 30% during the conflict, helping to avert regional shortages. Persian Gulf oil producers are now facing a surplus of millions of barrels as they bring idle wells back online, potentially sharpening competition for market share.

Equities & Val