Public Markets 3 Days

Last updated: July 29, 2026, 5:30 AM ET

Middle East Tensions Drive Oil Prices Higher, Impacting Markets

Global oil prices surged upward as renewed conflict in the Middle East raised concerns about energy flow from the region. U.S. military actions, including the interception of Iranian ballistic missiles, sharply escalated regional hostilities, pushing oil prices higher. This escalation also as they tracked a move higher in Treasury yields. Glencore's trading profits doubled to $3.3 billion in the first half, benefiting from Middle East turmoil, while its marketing division reported bumper earnings of around $3.3 billion, a significant increase from $1.4 billion a year prior. Similarly, Italian oil major Eni again after conflict-driven higher oil and gas prices boosted earnings. Abu Dhabi National Oil Co. is pressing ahead with liquefied natural gas exports despite tensions, though producers have curbed traffic through the Strait of Hormuz. In contrast, some Jordanians, viewing the close alliance with the U.S. as a risk.

South Korean Chip Sector Faces Turmoil Amidst Disappointing Earnings

South Korea's stock market experienced a rout, with billions of dollars wiped off investors' holdings, prompting an emergency meeting to discuss the market situation. Chip stocks, in particular as investor enthusiasm for semiconductor companies continued to wane. SK Hynix, a leading memory chipmaker, reported strong sales and profits, but these results, with its net profit surging 13-fold while other metrics disappointed and overall results fell short of market expectations due to strong demand for advanced chips. The tech sell-off linked to SK Hynix's performance even caused a $60 million crypto bet to blow up. In response to the market turmoil, South Korea will hold an emergency meeting Wednesday evening to discuss the situation.

European Earnings Drive Gains, While Luxury and Automotive Sectors Show Mixed Fortunes