Brent Jumps 4.8% Near $95 as U.S. Strikes on Iran Push Stock Futures Lower
Updated
Updated · CNBC · Jul 21
Brent Jumps 4.8% Near $95 as U.S. Strikes on Iran Push Stock Futures Lower
3 articles · Updated · CNBC · Jul 21
Summary
Brent crude rose 4.8% to $94.93 a barrel and briefly topped $95 after an 11th straight round of U.S. strikes on Iran, while Dow futures slipped 31 points and Nasdaq-100 futures fell 0.6%.
Oil's jump revived inflation and policy worries: WTI climbed above $88, and fed funds futures priced a 24.1% chance of a July rate hike and a 69% chance of at least a quarter-point move in September.
Wednesday's earnings slate now shares the spotlight with geopolitics, with Tesla, Alphabet, IBM, ServiceNow, Texas Instruments and AT&T due to report.
Investors are looking for evidence that AI and cloud spending can sustain rich tech valuations, especially as most hyperscalers have yet to show how investment is turning into revenue and future capital spending.