Thursday 23rd July 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Oil continues to rise as diplomacy in the Gulf rapidly disappears. Donald Trump is now threatening retaliatory action each time Iran fires at a vessel in the Hormuz strait, whilst promising Saudi Arabia a deal to enrich uranium on their territory. Sally Auld joins Phil to talk through oil prices and inflation expectations, as well as examining UK CPI numbers, today’s Australian labour market data and what’s expected from the Bank of Canada. Plus, the first of the major tech earnings results after the market close in the US. Hosted on Acast. See acast.com/privacy for more information.

Oil climbs, diplomacy subsides

NAB Morning Call

Oil continues to rise as diplomacy in the Gulf rapidly disappears. Donald Trump now threatening retaliatory action each time Iran fires at a vessel in the Hormuz Strait. Meanwhile, UK CPI was good and bad at the same time and the ECB not expected to change anything at their meeting today. We also get Australian labour market data which is assumed it will hang on to that 4.4% unemployment rate for a while. It's Thursday, it's the 23rd of July, 2026. It's the Morning Call from NAB. Good morning.

Well, oil is pushing higher again, almost 3% for WTI, 3.4% for Brent. Brent is now over 94 a barrel. In fact, it got to almost 95.50 at one stage. Not a lot going on with the US dollar. The Aussie has snuck back in below 70 US cents though. The biggest move though has been a quarter percent fall in the Swiss franc. I guess that reflects the risk that we're seeing. Bond yields are higher, up a couple of basis points for 10-year treasuries, one basis point across much of Europe.

Aussie 10 years were at 4.97% yesterday, but again, they have pushed over 5% overnight on futures. And stocks are a bit lackluster. The Nasdaq is down a third of 1%. The S&P is flat. But the Eurostox 50 is up half a percent. The FTSE 100 has climbed one and a quarter percent. Asian stocks yesterday were falling back down. We saw 1% drop in the Hang Seng, for example.

And here's NAB's Ray Attrill. I mean, it's volatility and confusion. It seems to be driving the markets a bit at the moment. I mean, we've got that escalation going on in the Gulf.

Oil climbs, diplomacy subsides

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

Oil climbs, diplomacy subsides

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.