Bloomberg — 2026-07-20#

Lead Story#

The US conducted a ninth straight day of airstrikes on Iran in an escalating campaign after three American troops were killed, while Yemen’s Houthi militants threatened to impose a maritime blockade on Saudi Arabia’s Red Sea traffic. The deepening Middle East conflict is directly bleeding into global markets, holding oil near its highest close since mid-June and pushing US gasoline prices back above the $4-a-gallon mark. This surge in energy costs is simultaneously reigniting inflation anxieties, weighing heavily on both equities and Treasuries as investors seek safety.