Public Markets 8 Hours

Last updated: July 22, 2026, 8:30 AM ET

Energy Markets Jolted by Geopolitical Tensions and Supply Fears

Global oil prices amid escalating threats and a potential blockade in the Red Sea, intensifying uncertainty about regional energy flows. Brent crude climbed past $94 a barrel after President Trump minimized the prospect of immediate talks with Iran. Goldman Sachs warned Brent crude prices could jump to $120 if the Strait of Hormuz remains "disrupted". Norsk Hydro ASA, a leading European producer, stated that the global aluminum market will face deepening deficits if constraints on shipments through the Strait of Hormuz continue. Meanwhile, some Asian countries are finding themselves forced to buy the most expensive fuel shipments in years as Hormuz and heat trigger a scramble for LNG. Namibia fuel retailer Nasan Energies plans to expand operations to service the country’s offshore oil industry after acquiring stations from Vitol Group. Equinor reported a significant jump in second-quarter adjusted operating income, over 75%, driven by higher oil and gas prices triggered by the conflict in the Middle East, prompting the Norwegian energy major to hike its share buyback program.

Public Markets and Dealmaking Activity

U.S. data-center operator TECfusions is planning to go public in a $4 billion SPAC deal, set to combine with Apex Treasury listed in New York. In the real estate sector, Prologis Inc. has submitted a "best and final" offer of approximately £14 billion ($18.7 to acquire its UK rival Segro Plc. Prologis, the world's largest owner of industrial real estate, increased its initial proposal by 9.5% for its smaller UK counterpart, ruling out further increases. Canadian senior housing operator Prima Living plans to continue expanding through acquisitions and is open to tapping public markets after purchasing nine retirement communities eager to expand. Investment fund TPG Asia Real Estate is planning to sell a Tokyo hotel property to Japan Hotel REIT Investment Co. for $860 million amidst a tourism boom exploring sale.

Corporate Earnings and Sector Performance

Philip Morris International recorded higher revenue in the second quarter, driven by growth in its international business and its Zyn portfolio in the U.S. boosting international. Home builder Pulte Group posted a profit of $472 million, or $2.48 a share, a decrease from $608 million, or $3.03 a share, in the same quarter a year earlier. AT&T's second-quarter earnings from continuing operations came in at 66 cents a share, compared to 62 cents a share a year earlier, with revenue rising on growth in postpaid phone and internet customers. GE Vernova raised its full-year revenue guidance and lifted its margin expectations after a second-quarter surge in orders boosted its backlog. Airbus shares climbed more than 7% after the group announced its aim to significantly boost profitability anticipating sustained demand climbing on outlook. Steelmaker SSAB's earnings rose despite higher costs stemming from the Iran war, with higher prices and shipments contributing to the second-quarter results, though high-strength steel markets in the Middle East were impacted by hostilities. Cal-Maine Foods swung to a fiscal fourth-quarter loss of $35.9 million, compared to a profit of $342.5 million a year ago, amid historically low egg prices reporting loss.

Market Volatility and Investor Sentiment

U.S. stock futures fell as a rally in technology stocks lost steam ahead of key big tech earnings, which will shape investors’ outlook for AI companies losing steam. European equities also fell in opening trade as a rally in technology stocks stuttered falling in trade. Investors who have watched U.S. stocks trade sideways for weeks are pinning their hopes for a breakout on corporate earnings, a key pillar of the market’s four-year bull run. More S&P 500 companies are raising their outlooks than maintaining or cutting them raising outlooks. South Korea's authorities are working to restore order following fluctuating investor appetite for artificial-intelligence trades, but analysts express uncertainty about the effectiveness of these measures in curbing AI-driven volatility. Copper pulled back from its highest level since early June as traders awaited potential announcements from the White House regarding import tariffs on the metal. Gold futures reached their highest in two weeks on dip buying as investors weighed risks in the Middle East and awaited the Federal Reserve's meeting next week past $4,100.

Geopolitical Developments and Trade Policies

President Trump has approved a contentious new nuclear deal with Saudi Arabia as Iran's missile threat persists approving deal. An expected U.S.-Saudi nuclear deal has fueled Israeli concerns of a regional arms race, with critics suggesting it could spur other regional countries to pursue nuclear programs fueling concerns. Shares in several European and Asian makers of generic medicines fell after President Trump announced the U.S. would impose tariffs on such drugs starting in August 2028. The economy of Laredo, Texas, which has boomed under the president’s global tariffs, now faces potential threats from his demands. U.S. Secretary of State Antony Blinken and his Indian counterpart S. Jaishankar reinforced the importance of concluding an interim trade agreement between their two countries during a meeting in Manila. Kuwait is aiming to sell dollar bonds as it faces daily missile and drone attacks from Iran.

Other Notable Developments

Tanzania is gauging investor appetite for its first international bond sale in over a decade, holding a non-deal roadshow in London. Volkswagen is deepening its partnership with Horizon Robotics to accelerate the development of advanced automated driving technology in China strengthening tie-up. The UK is considered an underappreciated AI play and a favorable environment for active stock-picking, according to the chief investment officer at Brooks Macdonald Asset Management. The yen's weakness has become a growing concern for Japan's policymakers, contributing to rising import prices and household living costs.