Rising US-Iran tensions have strained energy flows through the Strait of Hormuz, tightening global crude supply. ExxonMobil posted second-quarter adjusted earnings per share of $6.06, or $12bn, while Valero Energy reported a record-high second-quarter net profit of $3.7bn. The average US gasoline price climbed to $4.09 a gallon, up 27 cents from January. The developments have directly pushed oil prices higher and boosted performance in refining-linked traditional assets.

A copper mine was forced to halt operations on July 18 after heavy snowfall damaged power lines. The disruption has added to expectations of tighter global supply, lifting LME three-month copper to about $13,750 per metric ton, close to the June 2 record of $13,643. The company said first-half EBITDA rose 35% year on year to $4 billion, helped by favorable copper prices.

Cadence reported fiscal Q2 2026 revenue of $1.58 billion, up 24% year on year and above the $1.57 billion consensus. IP, System Design and Analysis (SD&A), and Core EDA each posted double-digit growth, with IP revenue up more than 40%. Non-GAAP operating margin rose to a record 45.5%, while quarter-end backlog reached an all-time high of $8.1 billion. The results underscore strong demand for EDA and IP tools as AI increases chip design complexity.

Eni reported 2026 second-quarter results with adjusted net profit of $2.65 billion, more than double from a year earlier. Its exploration and production unit posted a 97% year-on-year rise in pro forma adjusted EBIT. The company’s average realized liquids price climbed 54% to $96.50 per barrel, highlighting stronger upstream profitability alongside higher spot oil prices.

Major European benchmarks ended higher, with the STOXX Europe 600 up 0.35%, the UK’s FTSE 100 gaining 0.83%, Germany’s DAX rising 0.41% and France’s CAC 40 adding 0.63%. Unilever (UNA.AS) raised its full-year sales guidance, lifting food, beverage and household-goods shares. LVMH (MC.PA) reported quarterly revenue growth, citing resilient U.S. demand for luxury goods. Energy stocks fell sharply, but strength in defensive and consumer sectors offset the drag.

European natural gas prices fell more than 7% in a single session as the geopolitical risk premium retreated after signs that hostilities in the Middle East have ceased and shipping prospects through the Strait of Hormuz improved. A parallel decline in international oil prices also helped ease pressure on the gas market. However, volatility persists as European gas inventories are at 55.35%, below the five-year average, while LNG supplies to Northwestern Europe are about 22% below the average of the past 30 days. Forecast above-normal temperatures in several parts of Europe, including Moldova by the end of this week, could support gas demand for power generation in the period ahead.

Tesla’s Q2 2026 results showed adjusted earnings of $0.33 per share, a 38.51% miss versus consensus, and free cash flow swinging to negative $1.09 billion. The company expects capital expenditures to exceed $25 billion and plans to add up to $30 billion in debt facilities. The stock fell 17.81% over the week and is down 30.39% year to date. The article also notes that financing at The Boring Company and valuation moves in SpaceX are changes in private assets and are not direct price drivers for traditional traded assets.

The European Central Bank left its three key interest rates unchanged at 2.25%, 2.40% and 2.65% and offered little in the way of forward guidance. The central bank said the Middle East conflict has pushed energy prices higher, while the second-round inflation effects remain unclear and will be monitored. Spot gold traded at €3,580.24 an ounce, down 1% on the day, as it continued to fluctuate near a key long-term support level. The decision was seen as a neutral catalyst for bullion and did not trigger a breakout.

Alphabet’s Q2 report showed capital expenditures above expectations, but the stock fell 7.13% in a single session and dropped below its 200-day moving average. Intel posted its strongest Q2 revenue growth in 15 years, with foundry sales up 30.5% year over year, while its shares have risen 320% following a 9.9% nonvoting U.S. government equity investment. Tesla also declined sharply as investor concerns about the pace of AI spending weighed on the stock.