Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTBy Mike DolanTue, July 14, 2026 at 12:34 PM GMT+2 4 min readBy Mike DolanJuly 14 (Reuters) -What matters in U.S. and global markets todayBy Mike Dolan, Editor-at-Large, Finance and MarketsOil boils again just as the June inflation report is set for release later today, with the renewed U.S. blockade of Gulf shipping the latest step in a flare-up of hostilities between Washington and Tehran.President Donald Trump's decision to reinstate a blockade on Iran's ports and impose a 20% charge on all movement through the Strait of Hormuz shows the latest burst of violence is all about control of the critical waterway.I'll get into that and more below.But first, listen to the latest episode of the Morning Bid daily podcast, where we discuss the latest oil spike and the forthcoming June inflation report.Subscribe to hear Reuters journalists discuss the biggest news in markets and finance seven days a week.OIL BOILSWith Iranian missiles hitting ships in the Gulf again amid a third night of U.S. strikes, Hormuz traffic has slowed to a two-month low, according to shipping data.World crude oil prices are now well above $80 per barrel again after leaping more than 9% on Monday and extending those gains early on Tuesday, trading at levels last seen before the interim ceasefire deal was signed in mid-June.The renewed jump in crude prices somewhat reduces the impact of the headline U.S. CPI release today. It's expected to have fallen back from three-year highs above 4% owing to the recent energy price retreat, but the latest fighting makes that moot.Investors' focus will be on core inflation, which is still close to 3%. Fed Governor Chris Waller said on Monday that the Fed is not going to get this back to target simply by staring at it. It will have to act.Fed Chair Kevin Warsh will give his first testimony to Congress later on Tuesday. He's no fan of forward guidance, which may be wise at the moment, so markets are unlikely to get much of a steer. But futures still have a Fed hike priced by year-end and a significant chance of one as soon as this month.Stocks are under pressure from the new energy and interest-rate tensions, with chip stocks still taking a beating as the U.S. quarterly earnings season kicks off this week. The big banks are due to report today.South Korean chipmaker SK Hynix, which listed ADRs on Friday, tumbled sharply again on Monday, giving back all of its Friday gains. The hugely volatile stock and wider Korean market swung violently again on Tuesday, plunging early in the Seoul session but rallying by the close, with Hynix ending nearly 4% higher on the day.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info