The Prime Daily: 20 July 2026

Crude Back on the Boil

U.S. markets saw heightened volatility this week as a multi-front convergence renewed U.S.-Iran conflict, a tech sector rotation, and closely watched inflation data  pushed major indexes lower, snapping a brief mid-summer winning streak.

Crude Oil prices climbed sharply, pushing Brent crude above $90 a barrel for the first time since mid-June, as renewed U.S.-Iran military action stoked fresh concerns over crude supply flows through the Strait of Hormuz.

The latest advance followed another escalation in the conflict, with the United States and Iran exchanging fresh attacks over the weekend.

Tehran said the ceasefire between the two countries had effectively broken down, increasing fears that disruptions to one of the world’s busiest oil shipping routes could intensify.

Asian stock markets started the week on a mixed note, with lingering uncertainty surrounding artificial intelligence-driven technology stocks.

Major Indian private lenders reported robust financial metrics for the first quarter, highlighting healthy demand in the credit market.

Indian equities staged a resilient comeback last week, shaking off the prior week’s geopolitical jitters to close with solid gains.

The index has broken out of the recent consolidation phase, and the overall trend remains positive.

Immediate resistance is placed at 24,531–24,600. A decisive breakout above this zone could extend the up move towards 25,000 and higher.

On the downside, immediate support is at 24,000–24,100, which should cushion any short-term pullback.

As long as the index holds above that zone, the bias remains positive, and a buy-on-dips approach is recommended.

Indian markets are set to open flat amid mixed global cues.