Insights

Weekly Market Commentary – 24th July 2026

24 July 2026

This week markets have reflected the two forces that have driven performance in 2026. A sharp escalation of fighting in the Middle East pushed the oil price above $100 for the first time in two months, leaving investors once again trying to work out what Donald Trump wants from the war. With US petrol prices back above $4 a gallon, the strength of US voters’ opposition to the conflict also matters for judging what comes next. Oil remains well below its recent peak, despite refined products pushing to new highs, and markets appear willing to overlook low strategic oil and gas reserves, for now. But concerns about a prolonged conflict, and higher inflation, have pushed government bonds down and yields higher.