Oil prices rose on July 22, 2026. Brent crude, a key global oil benchmark, settled at $90.84 per barrel, up $1.62 on the day. WTI, the U.S. oil benchmark, rose to $83.95, up $1.469, according to ICE Futures Europe data. At the same time, the stock market pulled back slightly: the US500 index slipped to 7,495 points on July 23, down just 0.05%, with U.S. stock futures pointing lower.

This happened during a week when the biggest technology companies were reporting their earnings. Yahoo Finance reported that U.S. stocks slid as investors braced for those results, calling it "the next AI trade test." Reuters noted that the Nasdaq, which is heavy with tech stocks, led Wall Street lower on July 22. Charles Schwab pointed to inflation fears as one reason stocks weakened ahead of Alphabet's earnings report. Alphabet was among the Big Tech companies reporting that week. Investopedia reported that stock futures pointed to a lower open on that Big Tech earnings day as oil prices climbed.

Oil is well below its recent highs, though. On June 8, WSJ live coverage reported Brent crude hitting $98 a barrel after Iran and Israel exchanged military strikes overnight. That was the peak of a months-long escalation. In March, Goldman Sachs predicted Brent would average $98 a barrel in March and April, pointing to a crisis at the Strait of Hormuz, a narrow shipping channel that carries a large share of the world's oil. Reuters reported on March 23 that Goldman had already raised its 2026 average forecast for Brent by $8 to $85 per barrel, up from $77. By April 27, HSBC raised its own 2026 forecast to $95, also citing the Strait of Hormuz disruption.

Prices have come down since then. On March 24, Reuters reported Brent falling to around $99 from $112, with WTI dropping to $86 from near $99, after reports related to Trump and Iran. On May 27, Brent fell $5.29, or 5.31%, to $94.29 as traders reacted to progress in U.S.-Iran talks. By July 9, WSJ reported oil prices pulling back further, with Brent having previously been near $98.

Intel was also in the spotlight, scheduled to report its Q2 2026 earnings on Thursday, July 23, after the market closed, per CNBC.

The broader context is why these two stories — oil and tech earnings — actually matter together. Think of it this way: if you run a company, oil affects what you pay for shipping, manufacturing, and materials. When oil goes up, those costs rise and eat into your profit margin. That squeeze hits at the very moment when tech companies are being asked to prove that all the money they're spending on artificial intelligence is actually paying off. If those AI costs are peaking at the same time energy gets more expensive, the stock price drops markets are already seeing could last longer than one bad quarter.

What makes this harder to read is that the oil market itself is sending mixed signals. The Strait of Hormuz disruption that pushed Goldman and HSBC to raise their forecasts has not gone away, but actual prices have fallen a lot from the March-to-June peak. The July 22 price of $90.84 is far below the $98 levels seen during the June 8 strikes. That gap between the high forecasts from banks and the lower prices traders are actually paying suggests traders think there's a decent chance tensions ease through U.S.-Iran diplomacy. The May 27 drop, which came on news of progress in those talks, is the clearest single-day proof of that.

For anyone watching the earnings reports, oil is a background factor worth keeping an eye on. If Brent climbs back toward the $95-$98 range that Goldman and HSBC predicted, the inflation fears Schwab flagged would return. That could make the Federal Reserve think twice about cutting interest rates, which would tighten financial conditions right when tech companies need steady consumer demand to justify their spending.

None of this is a prediction about what to do. The facts show oil up modestly on July 22, stocks down modestly on July 23, and a wave of earnings reports that will either support or challenge the idea that AI spending is worth it. The interaction between those two threads is the story worth watching.