July 23: Brent Rises Past $100: Global Macro Commentary | North America

Research evidence excerpt

July 23: Brent Rises Past $100: Global Macro Commentary | North America

Update

July 23, 2026 09:52 PM GMT

Morgan Stanley & Co. LLCMGlobal Macro Commentary | North America Molly Nickolin

Strategist

July 23: Brent Rises Past $100 Molly.Nickolin@morganstanley.comLingdi Xu +1 212 761-3592

Economist

Lingdi.Xu@morganstanley.com +1 212 761-2957

Oil topped $100 on renewed Middle East tensions; US jobless Sofia Palacios

claims fell to 187k; ECB and SARB held rates; global bonds sold StrategistSofia.Palacios@morganstanley.com +1 212 761-0428

off; tech led US equity losses; ZAR underperformed EMFX; DXY Morgan Stanley Asia Limited+

at 101.44 (+0.3%); US 10y at 4.69 (+3.9bp). Gek Teng Khoo

Escalating energy-supply concerns lifted oil and inflation risk premia, pushing Gek.Teng.Khoo@morganstanley.com +852 3963-0303

global yields and the dollar higher while weighing on duration-sensitive equities Morgan Stanley MUFG Securities Co., Ltd.+

and oil-importing currencies. Hiromu Uezato

Hiromu.Uezato@morganstanleymufg.com +81 3 6836-8431

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Developed Markets

• US rates bear-flattened as rising oil prices and stronger labor data

increased expectations for tighter Fed policy (2y: +4.7bp; 30y: +1.5bp).