The stock market is getting an unlikely boost from an old-school corner of the economy. Energy stocks are surging alongside oil prices, giving broader indices a lift right as Wall Street gears up for what’s arguably the most consequential week of earnings season: Big Tech reports.
Oil recently traded around $88.22 per barrel as of July 20, 2026, a level that reflects both tightening supply dynamics and the lingering aftershocks of geopolitical turmoil earlier this year.
Oil’s wild ride and the energy trade
Crude prices have been on a rollercoaster in 2026. Earlier in Q2, US-Israel military operations against Iran pushed oil above $100 per barrel. Since then, prices have cooled into a trading range between $80 and $88 per barrel. September 2026 futures contracts recently showed intraday prices exceeding $87, suggesting the market still leans bullish in the near term.
JPMorgan projects Brent crude will average $86 per barrel in Q3 2026, with a decline expected in subsequent quarters.
