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Oil Breaks $90 as Mideast Conflict Escalates: Markets Today

  Monday, July 20, 2026 Crude oil is the story investors are watching to start the week. Brent crude jumped roughly 3% and pushed past US$90 a barrel overnight — its highest level since June — after the United States and Iran escalated attacks in the Middle East over the weekend, curbing tanker traffic through the Strait of Hormuz. U.S. equity futures are pointing higher after Friday's tech-led selloff, European stocks opened mixed, and the Canadian dollar is getting a modest lift from firmer crude. Here's where every major market stood heading into today's session. 🇨🇦 TSX & Canadian Dollar Index / Asset Last Close Change S&P/TSX Composite 35,263.85 −76.30 (−0.22%) USD/CAD 1.4020 −0.10% (loonie firmer) The TSX closed Friday's session modestly lower, with financials and materials offsetting continued strength in energy names. The loonie is holding near its best levels in about a month, at roughly 1.40 per U.S. dollar, as Canada's status as a major oil expor...
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U.S. Futures Edge Higher Amid Trump Rally and Anticipation of Fed’s Rate Decision

 

U.S. stock futures are showing modest gains following a significant rally sparked by Donald Trump’s return to the presidency. Investors are now keenly awaiting the Federal Reserve’s upcoming interest rate decision.

Market Reaction:

The markets have reacted positively to Trump’s victory, with expectations of lower corporate taxes and deregulation driving the rally. The Dow, S&P 500, and Nasdaq all saw substantial gains, with the Dow E-minis up 82 points (0.18%), S&P 500 E-minis up 11.5 points (0.19%), and Nasdaq 100 E-minis up 49 points (0.23%) in premarket trading.

Federal Reserve’s Decision:

Traders are largely anticipating a 25-basis point rate cut from the Federal Reserve. The central bank’s policy statement will be closely scrutinized for any indications of future monetary easing. The market’s focus is also on whether the Republican party will maintain control of the House of Representatives, which could further influence economic policies.

Investor Sentiment:

Investor sentiment remains cautiously optimistic. While some stocks that surged post-election have given back gains, others like Qualcomm have continued to perform well. The VIX, Wall Street’s “fear gauge,” is trading at a six-week low, indicating reduced market volatility.

As the day progresses, all eyes will be on the Federal Reserve’s announcement and its potential impact on the markets.


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