Oil prices are racing back toward $100 this morning after Tehran‑backed Houthi militants claimed attacks on two Saudi tankers in the Red Sea, threatening a vital oil route and stoking fears of a U.S.–Iran conflict escalation.

Brent crude futures jumped about 4%, trading more than $25 above their early July lows, which pushed government bond yields higher—especially in Europe—reflecting worries that inflation could heat up again.

U.S. stock futures are retreating as investors digest last night’s batch of Big Tech earnings. Alphabet is sliding more than 3% pre‑market after it raised its capital‑spending forecast for this year to as much as $205 B, fanning fears about AI spending, while Tesla is down more than 5% after its free cash flow turned negative in Q2.

Traders will look under the hood at Intel’s results tomorrow, with earnings from RTX, Lockheed Martin, Blackstone and American Airlines also on the docket. The ECB is expected to hold rates steady, but may signal further hikes.