A woman walks past war-themed graffiti and murals painted on walls along a street in the capital, Tehran, July 22, 2026, as daily life continues under the shadow of rising military tensions between the United States and Iran and as air defense systems are activated at night.
Fatemeh Bahrami | Anadolu | Getty Images
Hello, this is Leonie Kidd from London.
There are two big stories this morning.
For markets, efforts by the United States and Iran to resolve tensions more diplomatically have sent oil prices plummeting and boosted stock prices around the world.
For Europe, the wildfires raging in France and Spain are causing a humanitarian and environmental disaster, displacing hundreds of thousands of people and causing historic damage to countryside and agriculture.
What you need to know today
Oil prices fell sharply in early trading following the suspension of attacks between the US and Iran. Brent crude futures and U.S. West Texas Intermediate crude futures are both down about 5%.
According to Reuters, a senior Iranian official said the US would also pause its attacks, while the Iranian government said it would halt its attacks. Washington has not ordered any action against the country since before the weekend.
U.S. Ambassador to the United Nations Mike Walz told NBC’s Meet the Press over the weekend that “what the president is doing right now, as we’ve seen, does give room for some negotiations.” “Negotiations are ongoing and happening at all levels.”
two wars meet
In an unusual incident, Ukraine attacked an Iranian ship in the Caspian Sea, prompting a sharp diplomatic response from Tehran.
Following the attack, Iran’s representative in Ukraine was summoned by the government. Ukrainian President Volodymyr Zelenskyy said in a post on X that the military “made very strong results in long-range attacks in the Caspian Sea, not only on warships, but also on ships used for military cargo transport with Iran.”
Iran has a history of sharing weapons and ammunition with Russia, and certain types of drones were used in Moscow’s war against Ukraine.
wildfires in europe
Wildfires are raging across France and Spain, prompting mass evacuations of more than 300,000 people from the worst-hit areas.
France’s Gironde region was among the worst-hit areas, with French Interior Minister Laurent Nunez calling the fires in the country’s southwest “very violent and unpredictable.”
In Spain, the fire destroyed more than 50,000 hectares (123,500 acres) of countryside, making it the largest wildfire in Spain’s recent history.
Neighboring countries across Europe are mobilizing support, sending teams and planes to fight the blaze.
A Canadair CL-415 aircraft of French Civil Security passes through flames burning through forests near Cotignac in southeastern France during a wildfire on July 23, 2026.
Thibault Moritz | AFP | Getty Images
debut date
Futures prices across the US and Europe are trending upward. Asian stock markets are mixed, but one stock is outperforming.
Chinese memory chip maker CXMT soared 500% on its blockbuster debut in the Shanghai market.
The group’s listing on the high-tech STAR market has made it the most valuable listed company in China.
“There is no question that the company will grow into a global leader,” Theodore Shaw, CEO of Yiyi Capital, told CNBC’s “Squawk Box Asia.”
— Leonie Kidd
