Andrew, Ben, and Tom discuss the escalating Iran war with an Iranian strike killing two US service members and injuring others in Jordan, oil rising to the high $80s and gas moving back above $4 over the weekend, Strait of Hormuz traffic grinding to a standstill, potential renewed diplomatic outreach from Iran&#x27;s Foreign Ministry, the 10-year holding at 4.56%, Domino&#x27;s earnings shedding light on a stabilizing consumer with US-owned comps improving to +2.1%, and a preview of the packed earnings week including DHI, GEV, GOOG, TSLA, IBM, and Thursday&#x27;s ECB decision. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Iran War Escalates: US Troops Killed, Oil Back to $88 + Domino's Signals Consumer Growth | July 20, 2026 – Morning Market Briefing

The Morning Market Briefing

Hey everybody, welcome to the Morning Market Briefing. It's Monday, July 20, 2026. Hope you're doing well out there. Hope you had a good weekend. Jumping in, getting a little movement on oil prices, been getting up as high as into the 80s over the weekend, but getting reports this morning that perhaps diplomatic solutions are still, they're in motion. I'm hesitant to say they're making progress, but that's what we're hearing most recently.

We had oil, one of the oil contracts, Brent actually got into even the low 90s over the weekend. And it really, I refreshed last night and I saw bonds trading down 10 points. I'm like, you gotta be kidding me. But it seems like a lot of that's come back this morning because as you mentioned, the Iranian foreign ministry spokesman Ismail Baghi says,

the diplomatic apparatus has been active in recent days and ideas from some mediators have been conveyed to the Islamic Republic of Iran. What that means, and I don't know. It means ideas have been shared.

It's because even if we have an agreement, I mean, it seems like that means nothing. Hormuz traffic has ground to a standstill. And it looks like American casualties, importantly, are beginning to ratchet up. That got some headlines. Another two service members were killed in Jordan. And there have been some reports, and I don't know what to make of them.

Like ECPI or any of these other metrics really don't have as much of an inflation problem as we did. And yet rates are as high as they've been on the long end. So I find that interesting. Tom, from your estimation, what's keeping rates up? Is it purely concerns about the conflict? I mean, it seems like given the length of time...

Iran War Escalates: US Troops Killed, Oil Back to $88 + Domino's Signals Consumer Growth | July 20, 2026 – Morning Market Briefing

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Iran War Escalates: US Troops Killed, Oil Back to $88 + Domino's Signals Consumer Growth | July 20, 2026 – Morning Market Briefing

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.