Global stock markets edged higher on Tuesday, supported by strong gains in energy shares after oil prices climbed sharply following renewed security concerns in the Red Sea. Investor sentiment, however, remained cautious as markets also prepared for a key round of earnings from major U.S. technology companies.
Brent crude jumped 3.5% to $94.22 a barrel, its highest level since early June, after two Saudi oil tankers bound for Asia reportedly reversed course in the Red Sea in response to threats from Yemen’s Iran-backed Houthi movement. The development raised fresh concerns over global energy supplies and eased expectations that geopolitical tensions in the region would subside quickly.
On the trade front, U.S. President Donald Trump announced that generic drugs imported into the United States will face a 0% tariff for two years starting August 1. The tariff will then increase to 100% for one year before rising to 200%. Earlier this week, Trump also imposed a 50% tariff on selected Canadian goods, adding to ongoing trade policy uncertainty.
The rise in oil prices lifted energy stocks, helping the pan-European STOXX 600 index gain 0.6%, while the MSCI All-World Index advanced 0.1%.
In contrast, U.S. equity futures pointed lower as investors awaited earnings from leading technology firms. Nasdaq futures declined 0.6%, reflecting pressure on growth stocks, while S&P 500 futures slipped 0.2% ahead of the closely watched corporate results.
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