Weekly Market Recap: Oil Surges Past $100 as Red Sea Conflict Escalates
thePropTrade Week — Friday 24th July 2026
5 min read
- July 24, 2026
Hi Traders,
It was a volatile week for markets as Red Sea tensions pushed oil above $100 a barrel, Treasury yields hit multi-year highs, and tech earnings disappointed — setting the stage for a big week ahead with FOMC and four Mag 7 earnings reports on deck.
Red Sea Escalation Sends Oil Above $100
The War escalated into the Red Sea this week as the Yemeni-based Houthis, a proxy for Iran, joined the conflict. A naval blockade of the key waterway was touted, two Saudi Arabian tankers had to turn back, and missile attacks from all sides were exchanged. President Trump promised “major military punishment” for Tehran and its allies.
Oil futures went back over $100 a barrel. Brent settled at $97.00 on Friday, with Spot prices at $94.60 and WTI at $90.50.
Dollar Strength & Treasury Yields Weigh on Stocks
The Dollar and, particularly, Treasury yields gained over the week. USDJPY broke 164.00, with a key technical Fibonacci Extension sitting around 164.20. The 30-year US yield is having its longest run over 5% since 2007, and the benchmark 10-year Treasury yield closed the week at 4.67% — levels not seen since January 2025.
A strong Greenback and high yields weighed on stocks, and once again it was the tech sector that took the brunt of the selling pressure. Stock markets dropped lower, particularly midweek, before a pause on Friday. Tesla and Alphabet earnings disappointed midweek, falling -17.81% and -7.81% respectively over the last five days, with continued worries over the cost of AI expenditure — and its value for money — weighing on sentiment.
Overall, the NASDAQ was down -2% for the week and the S&P 500 -0.75%.
Oil futures went back over $100 a barrel. Brent settled at $97.00 on Friday, with Spot prices at $94.60 and WTI at $90.50.
Bitcoin Hits 6-Week High, Gold Continues to Slide
Bitcoin hit a 6-week high over $65,000 before reversing. Gold continues to move lower, closing the week around $4,050.
Central Banks & Politics
Elsewhere, the ECB held rates unchanged, but rate hikes are expected later in the year, with an initial move expected in September. The UK got a new Prime Minister in Andy Burnham, and President Trump re-iterated his firm belief in the economic benefit of tariffs by reimposing 10–12.5% levies on 60 trading partners, including the EU, Canada, and UK.
The Week Ahead: FOMC, Earnings & Key Data
Next week has major risks and opportunities. The FOMC, BoE, and BoJ are all likely to keep interest rates unchanged, but there could be surprises from Washington, London, and Tokyo. The Core PCE Price Index and Advanced GDP data are the key economic events to watch. Plus, four of the “Mag 7” — Amazon, Microsoft, Meta, and Apple — report earnings, and it’s month-end too.
Trade Safely!