Wed.., July 22, 2026
[4:10 PM ET…closing prices for stocks, 3:50ish for commodities and bonds]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri., Feb. 27…regular $2.98…diesel $3.75
Wed.., July 22…regular $4.06…diesel $5.18
‘Regular’ up 5 cents; diesel another 4.
Early this morning, crude oil futures hit $88 on WTI ($95 on Brent), the highest in six weeks, and gasoline futures hit $3.46, amid the escalating tensions between the U.S. and Iran and increased concerns about global energy supply disruptions. The rise followed the 11th consecutive night of U.S. strikes targeting Iranian military facilities and efforts to prevent threats to commercial shipping through the Strait of Hormuz.
U.S. Secretary of State Marco Rubio said Washington remains open to a diplomatic solution but accused Iran of failing to honor previous commitments. He emphasized that any future agreement must guarantee freedom of navigation through the Strait and prevent Iran from developing nuclear weapons or supporting militant groups.
Also, threats from Yemen’s Houthi rebels against shipping routes in the Red Sea increased fears of further disruptions to international oil trade.
Sources close to the group stated that “the Houthis have completed preparations to attack shipping, including the deployment of missiles and drones,” the Joint Maritime Information Center said in an alert, published late Tuesday, without giving details.
Two oil tankers loaded with Saudi crude turned around Tuesday.
Kpler tracking data showed only three commodity vessels were observed transiting the Strait yesterday; the lowest daily count since early May. Early Wednesday, the waterway remained deserted, with no observable traffic.
Iran’s Interior Minister Eskandar Momeni visited Pakistan, and a spokesman for the ministry said after: “There are no negotiations – it’s only possible for there to be an exchange of messages,” according to semi-official Mehr new agency. “Our new message is that the enemy violated the memorandum and should implement it.”
Meanwhile, Ukrainian efforts to cripple Russia’s war effort have disrupted crude oil shipments in the Black Sea and fuel production at Russian refineries.
The Trump administration urged Kyiv on Tuesday to curb attacks on non-Russian ships, according to a White House official, after a barrage of strikes on ships in the waters near the port of Novorossiysk.
President Trump on Truth Social, Wednesday, 8:56 AM:
“From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT, including those located next to, or in, the Capital City of Tehran. Thank you for your attention to this matter!”
A recent Washington Post-Ipsos poll showed 68% of Americans said the Iran War was not “worth fighting,” while just 28% said it was.
Today, we had the dignified transfer at Dover Air Force Base of four brave American soldiers….
Sgt. Angel Rampersad, Sgt. Michael Emmanuel Swinton, 1st Lt. Tyler James Feehan and Pvt. Isabella Conzales.
Watching this ceremony, I have to admit I teared up when I saw the photo of Pvt. Gonzales, just 19, right out of high school. Immensely sad.
We pray for their families and friends.
—
Stocks finished down, as investors awaited Alphabet’s (Google) earnings after the close, as well as Tesla’s.
But Treasury yields continue to rise, which is not good for prospective home buyers, the key 10-year nearing its cycle high on a closing basis, while the Fed-sensitive 2-year is slated to close at its highest level since Feb. 2025.
Dow Jones -6…-0.01% [52218]
S&P 500 -10…0.1% [7499]
Nasdaq -146…-0.6% [25690]
Oil (WTI) $86.55…Brent $93.90
Gold $4130
Silver $59.65
Bitcoin $65,895 [4:00 PM ET]
U.S. 2-yr. 4.30%
U.S. 10-yr. 4.66%
Japanese 10-yr. 2.73%
Back Thurs.
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Brian Trumbore
