Global Markets Slide as US-Iran Conflict Spikes Oil Prices
Wall Street and global markets declined as U.S. military strikes on Iran and Houthi attacks on tankers drove oil prices above $100 per barrel.
Global markets declined on July 23, 2026, triggered by a combination of escalating geopolitical conflict and aggressive AI spending by major technology firms. Brent crude oil spiked 6% to $100.50 a barrel after Iran-aligned Houthis attacked Saudi oil tankers in the Red Sea and Iran nearly closed the Strait of Hormuz. These disruptions coincided with the Federal government of the United States conducting its 12th consecutive night of military strikes against Iran, with the White House threatening further attacks on Iranian nuclear facilities.
In the technology sector, Alphabet Inc. and Tesla shares fell following reports of significant cash burn. Alphabet announced plans to increase its annual AI spending by $15 billion, bringing the total to $200 billion for the year. Tesla posted its first cash burn in two years, attributed to similar investments in AI infrastructure.
Across the Atlantic, the European Central Bank maintained interest rates at 2.25%. However, the bank issued hawkish signals regarding inflation tied to energy shocks, causing German 10-year Bund yields to reach their highest levels since 2011.
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