The ASX is set to fall and Brent crude has topped $US100 a barrel, stoking fresh inflation worries.The oil price surge sent Wall Street lower, with renewed doubts about whether massive AI spending would deliver returns adding to the sell-off.The S&P 500 dropped 1.2 per cent while the Nasdaq fell by 2.15 per cent.Follow the day's financial news and insights from our specialist business reporters on our live blog.Disclaimer: this blog is not intended as investment advice.PinnedFri 24 Jul 2026 at 7:33amFri 24 Jul 2026 at 7:33amMarket SnapshotBy Lin LinASX futures: -0.6% at 8,750 pointsAustralian dollar: flat at 69.69 US centsWall Street: Dow Jones (-0.97%), S&P 500 (-1.2%), Nasdaq Composite (-2.15%)Europe: FTSE (-0.7%), Stoxx 600 (-1.2%)Spot gold: -2% to $US4,047/ounceOil (Brent futures): +7% to $US100.7/barrelOil (WTI futures): +6.4% to $US92.36/barrelIron ore: +1.1% at $US98.10/tonneBitcoin: -1.2% to $US65,066Prices current at around 7:30am AESTCollapse all postsFilter PostsAll3Key Events2Market snapshot1Markets1Key EventFri 24 Jul 2026 at 7:37amFri 24 Jul 2026 at 7:37amNew US tariff for Australia to take effect later todayBy Lin LinThe Trump administration has confirmed a 12.5 per cent tariff will be placed on Australian exports to the US from later today (AEST).The tariff was proposed last month, after a US trade investigation into forced labour. The Australian Government and Business Council of Australia made formal submissions opposing the tariff during a consultation period, which ended earlier this month.The US Trade Representative has just announced the proposed tariff will take effect from 12:01am Friday, local time.A temporary 10 per cent “global tariff” on the US’s trading partners will expire at the same time.Australia is not the only affected country. Tariffs between 10 and 12.5 per cent will be placed on imports from 59 other economies, which represent all of the US’s major trading partners.Key EventFri 24 Jul 2026 at 7:22amFri 24 Jul 2026 at 7:22amASX set to fall as brent crude tops $US100By Lin Lin Good morning, and welcome to the ABC's business and finance blog!Lin from the business team here to take you through this Friday morning.It's was quite a session overnight.Brent crude futures jumped 7% and hit $US100 dollars again as the escalating conflict in the Middle East renewed fears over global oil supplies.Prices surged after Houthi rebels, a militant extremist movement based in Yemen, attacked oil tankers in the Red Sea. The surge in oil prices prompted worries about inflation days before the next US Federal Reserve meeting.Higher bond yields are pushing up borrowing costs, with the 10 year Treasury yield at its highest in more than a year. Oil prices put pressure on stocks, as well as earnings from tech giants Google and Tesla stoked fears about Big Tech's enormous AI spending. The S&P 500 dropped 1.2% while the Nasdaq fell by 2.15%.These are just some of the top lines this morning, plenty more to cover. I'll be back with more updates soon.