Daily Digest — 23 Jul 2026

Geopolitical tensions in the Gulf drove markets today, with oil prices climbing 1.6% to $⁠88.20 after a tanker was struck off Saudi Arabia and the US escalated threats against Iran. The Houthis claimed their first attack on oil tankers in the Red Sea since announcing a “maritime embargo” against Saudi Arabia, while the US launched fresh strikes on Iran. Amid the turmoil, the US signed a landmark nuclear deal with Saudi Arabia, granting American firms access to the kingdom’s civilian nuclear programme — a move that could reshape energy partnerships in the region. Gold dipped slightly to $⁠4,122, while the dollar weakened against the euro and sterling.

Crypto markets felt the pressure from rising rates and geopolitical risk, with Bitcoin sliding 1% to $⁠65,570. XRP bucked the trend, rising above $⁠1.16 as whales accumulated 2.8% more tokens over five weeks while smaller holders sold. On the security front, Arbitrum-based AFX Trade was drained of $⁠24 million after bridge keys were compromised, though Arbitrum’s native bridge was unaffected. The odds of the US Crypto Clarity Act passing tumbled to 38% after key Democrats demanded stronger safeguards.

In the UK, new Prime Minister Andy Burnham’s pledge of a “new economic model” has hedge funds circling British stocks, anticipating trading opportunities. The political landscape shifted further as Scottish Labour leader Anas Sarwar resigned to join Burnham’s government, drawing accusations of being a “chancer”. Burnham also stirred controversy with a review of early release plans for violent criminals, following outrage from the family of murdered police officer PC Andrew Harper. Meanwhile, data revealed alarming hospital admission rates for children’s lung conditions in England’s poorest postcodes, highlighting the health impact of air pollution.

Tech earnings dominated Wall Street, with Alphabet and Tesla dipping after reporting massive AI-related spending increases. Google justified its outlay with a booming cloud business, while IBM insisted its mainframe business isn’t being killed by AI, despite a shocking quarterly drop. The US Treasury threatened sanctions after the White House claimed Chinese firm Moonshot distilled Anthropic’s Fable model, intensifying the debate over open-source AI from China.

Elsewhere, a ferry disaster in Guyana left around 100 feared dead, with families demanding answers. In Tunisia, jailed opposition leader Rached Ghannouchi fainted in prison due to extreme heat. Five soldiers were killed in a checkpoint attack in southern Thailand’s Narathiwat province, a day after a car bombing.