Oil prices rise slightly after unclaimed airstrikes in Iran

Oil prices edged higher on July 10, 2026, after a series of unclaimed airstrikes struck Iran, raising concerns about potential disruptions to global crude supplies. Brent crude, the international benchmark, climbed 0.2% to $76.47 per barrel, up from $72 at the start of the week but still far below its wartime peak of nearly $120. The unease stems from fears that escalating conflict could block oil tankers passing through the Strait of Hormuz, a critical chokepoint for Persian Gulf oil exports. U.S. stocks showed muted gains, with the S&P 500 up 0.1%, the Dow Jones Industrial Average adding 65 points (0.1%), and the Nasdaq composite rising 0.1% by 9:35 a.m. Eastern time. The market’s focus is shifting toward the upcoming earnings season, with major U.S. banks—including Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, and Wells Fargo—set to report next week. Delta Air Lines reported stronger-than-expected profits for the April–June quarter, attributing its resilience to robust travel demand, including from corporate travelers, despite higher fuel costs. However, its stock fell 2.5% after a 28.2% gain year-to-date. In the bond market, the 10-year Treasury yield inched up to 4.55% from 4.54% the previous day. Overseas, European and Asian markets posted gains, with South Korea’s Kospi surging 2.5% and Japan’s Nikkei 225 rising 1.2%. Meanwhile, chipmaker SK Hynix made its Nasdaq debut, raising nearly $26.5 billion through American depositary shares, though its stock surge in Seoul—up over 600% in a year—has sparked concerns about AI-related valuations outpacing fundamentals. Micron Technology led declines in the S&P 500 with a 2.3% drop, reflecting broader caution in tech stocks amid worries about unsustainable growth in AI infrastructure spending.