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Crude Oil Rally Weighs on Stocks as Dollar Strengthens

Jul 22, 2026

OIL SPX DOLLAR INDEX

Crude oil has surged over the past two weeks as tensions between the US and Iran continue to escalate, adding fresh inflation concerns to the markets. Stocks have responded with a sharp pullback from key resistance, and Elliott Wave analysis suggests there could be room for more downside in the near term. At the same time, the US Dollar is attempting to break higher, with DXY above 101 potentially opening the door toward the 103 area. Meanwhile, USD/JPY continues to rally, highlighting ongoing dollar strength despite the risk of potential intervention from Japanese authorities.

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