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.

Why Big Tech earnings are the real main event

Late July is traditionally when the biggest names in technology open their books. Energy stocks are providing a floor of sorts, keeping indices buoyant while investors wait for the tech verdicts.

What this means for crypto and broader markets

Oil prices add another layer to consider. Sustained crude above $85–$90 per barrel feeds into inflation expectations, which in turn influences how aggressively central banks manage monetary policy. The same US-Israel operations against Iran that spiked oil above $100 earlier this year remain a background risk.