United States – International oil prices climbed sharply as the U.S.-Iran conflict escalated, with Brent crude briefly topping $100 a barrel on July 23, the first time since May. The energy spike quickly rippled through financial markets, pushing the 10-year U.S. Treasury yield to its highest level since President Trump returned to office and sending major stock indexes lower, with the Dow Jones Industrial Average and S&P 500 each falling about 1% and the Nasdaq Composite dropping more than 2%. Mortgage costs rose alongside bond yields, as the average 30-year fixed mortgage rate increased to 6.58%, the highest in nearly a year, and economists said rates could approach 7%. United States – The jump in crude prices fed directly into higher fuel costs, with the average U.S. retail price for regular gasoline moving back above $4 a gallon and diesel averaging $5.21 a gallon nationwide, 39% higher than a year ago. Because diesel powers most trucks, construction equipment, and farm machinery, analysts said the increase is set to raise transportation and production costs across industries, intensifying inflationary pressure. American Airlines and Southwest Airlines both cut their full-year earnings forecasts, and American Airlines shares fell more than 8%, as carriers passed on only part of the higher fuel bill to consumers. Political strains also mounted: a poll of 2,061 registered voters found that 57% say the cost of living is the worst they have ever experienced, with many citing the Iran war and Trump’s tariffs as key drivers of higher gas prices and indicating the issue could influence how they vote in November.

Prepared by Christopher Adams and reviewed by editorial team.