Oil Prices Jump After Houthis Claim Attacks on Red Sea Tankers -- WSJ

By Caitlin McCabe

Oil prices are racing back toward $100 this morning after Tehran-backed Houthi militants claimed attacks on two Saudi tankers in the Red Sea, threatening another important route for oil flows and stoking fears that the U.S.-Iran conflict could escalate further.

Brent crude futures jumped about 4% to trade more than $25 above their early July lows. That pushed government bond yields higher, particularly in Europe, reflecting fears that inflation could heat up again.

U.S. stock futures are retreating as investors digest last night's batch of Big Tech earnings. Google parent Alphabet is sliding more than 3% premarket after it raised its capital spending forecast for this year to as much as $205 billion, fanning fears about AI spending. Meanwhile, Tesla is down more than 5% after its free cash flow turned negative in the second quarter.

Traders will get a look under the hood at another AI chip giant when Intel reports results after the closing bell today. Before then, we'll have earnings from RTX, Lockheed Martin, Blackstone and American Airlines. The European Central Bank is expected to hold rates steady later today, but may signal that further hikes are possible.

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(END) Dow Jones Newswires

July 23, 2026 06:59 ET (10:59 GMT)