Oil Tops $90 as Iran Ceasefire Collapses, Wall Street Rallies on Chip Stocks Ahead of Big Tech Earnings, Gold Sinks to 9-Month Low | U.S. Session – Technical Analysis | 20 July 2026
Oil Tops $90 as Iran Ceasefire Collapses, Wall Street Rallies on Chip Stocks Ahead of Big Tech Earnings, Gold Sinks to 9-Month Low | Capital Street FX U.S. Session Technical Analysis · 20 July 2026 (Live Update) Skip to main content Monday, 20 July 2026 · U.S. Session Technical Analysis — Live Update ▸ BRENT TOPS $90 AS IRAN CEASEFIRE COLLAPSES · S&P 500 RECOVERS ON CHIP RALLY · GOLD SINKS TO 9-MONTH LOW · BIG TECH EARNINGS THIS WEEK Oil Tops $90 as Iran Ceasefire Collapses, Wall Street Rallies on Chip Stocks Ahead of Big Tech Earnings, Gold Sinks to a Nine-Month Low USD/CAD ~1.4025 ▼ Loonie firms on cooling CPI and oil windfall · USD/CHF ~0.8085 ▲ steady safe-haven bid · Gold ~$4,005 ▼ sliding to a nine-month low · Wheat ~$6.84 ▲ pressing toward two-year highs · S&P 500 ~7,485 ▲ rebounding on chip-stock strength · US 20Y Yield ~5.03% ▲ edging up on inflation risk · Bitcoin ~$64,200 ▼ drifting lower toward $64k · Dogecoin ~$0.0723 ▼ flat-to-soft in a quiet range Monday’s U.S. session opens with markets digesting a weekend of sharply escalating violence in the Middle East: U.S. Central Command carried out a ninth consecutive night of airstrikes against Iran, targeting military command centers, air-defense and coastal-surveillance sites, and missile and drone launch positions, while confirming the death of a third American service member in the past two days. Tehran has declared that its ceasefire with Washington has effectively collapsed, and Iranian naval forces reportedly intercepted four vessels attempting to transit the Strait of Hormuz over the weekend, while Kuwait Petroleum Corp said an Iranian strike caused significant damage to one of its oil facilities on Saturday. Brent crude surged as much as 4% overnight to top $90.79 a barrel, its highest since mid-June, before paring some of those gains after Iran’s Foreign Ministry spokesman Esmail Baghaei said intermediaries continue to exchange messages with Washington and that Tehran had received fresh proposals from mediators, reviving cautious hope for a diplomatic off-ramp even as Iran vowed to keep defending itself “resolutely.” U.S. equity index futures, which had pointed as much as 1% lower overnight on the escalation, have recovered through the New York morning: the S&P 500 is up around 0.35% near 7,485, the Dow is little changed, and the Nasdaq Composite has popped almost 0.8% as semiconductor stocks rally — Advanced Micro Devices jumped roughly 4.5% in premarket trading after Microsoft said it will deploy AMD’s Helios system across its data centers — ahead of a heavy week of Big Tech earnings from Alphabet, Tesla and Intel. That equity resilience sits alongside a bond market still pricing the oil-driven inflation shock: the 10-year Treasury yield is near 4.60%, the 2-year has climbed to its highest since February 2025 near 4.25%, and the 30-year is trading just above 5.09%, keeping the 20-year point on the curve elevated near 5.03% as traders weigh whether the Federal Reserve can still ease this month against a backdrop of rising energy costs. In currencies, the Dollar is mixed rather than uniformly bid: the Canadian Dollar has firmed, with USD/CAD slipping toward 1.4025 after Canada’s annual inflation rate cooled more than expected to 2.8% in June, even as Canada’s status as a major oil exporter provides an additional terms-of-trade tailwind from higher crude prices; the Swiss Franc, meanwhile, holds a steady safe-haven bid near 0.8085 after Swiss National Bank Chairman Martin Schlegel said the situation in the Middle East remains highly uncertain. Gold has broken decisively lower, sliding toward $4,000 an ounce and its lowest levels in roughly nine months, as rising Treasury yields and a somewhat firmer Dollar outweigh the metal’s traditional safe-haven appeal; Wheat, by contrast, continues to grind higher, trading near $6.84 a bushel and within striking distance of its highest levels since June 2024 after Australia’s Grain Industry Association projected the country’s 2026 harvest at just 9.5 million tons, down nearly 30% from last year, compounding existing Black Sea supply concerns. Digital assets remain under modest pressure heading into the U.S. afternoon, with Bitcoin drifting toward the $64,000 level and Dogecoin holding a quiet, largely rangebound pattern as traders stay cautious into the geopolitical uncertainty. Session Overview Brent crude tops $90 as the U.S.-Iran ceasefire collapses and a ninth night of strikes claims a third American life, yet Wall Street claws back an overnight selloff as chip stocks rally into Big Tech earnings, Gold slides to a nine-month low, the Loonie and Franc firm, and Wheat presses toward two-year highs. Monday’s U.S. session is dominated by the sharp deterioration of the Middle East conflict over the weekend. U.S. Central Command confirmed its ninth consecutive night of strikes against Iran, targeting military logistics, air-defense sites and missile and drone launch positions, while U.S. officials confirmed a third American service-member death in the past two days of fighting. Tehran has said its ceasefire with Washington has effectively collapsed, and Iranian naval forces reportedly intercepted four vessels attempting to transit the Strait of Hormuz over the weekend, while a Kuwaiti energy facility was struck on Saturday, according to Kuwait Petroleum Corp. The result was an overnight surge in Brent crude of almost 4% to as high as $90.79 a barrel, its strongest level since mid-June, extending a 15.9% weekly rally that was already the sharpest since April. Some of that overnight risk-off tone has eased into the New York morning after Iran’s Foreign Ministry spokesman Esmail Baghaei told reporters that message exchanges with Washington through intermediaries continue, and that Tehran had received fresh proposals aimed at reducing tensions. That diplomatic signal, combined with a rally in semiconductor stocks ahead of this week’s Big Tech earnings from Alphabet, Tesla and Intel, has helped U.S. equity index futures claw back an overnight decline of roughly 1%: the S&P 500 traded up around 0.35% near 7,485 by late morning, the Dow Jones Industrial Average was little changed, and the tech-heavy Nasdaq Composite gained almost 0.8%, with Advanced Micro Devices jumping about
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