TOKYO — Global shares traded mixed on Wednesday, July 22, as investors weighed regional conflict against corporate earnings. Oil prices have risen due to continued attacks between the United States and Iran, creating uncertainty in energy markets and across shipping routes.

U.S. markets closed higher the previous day, with the S&P 500 index rising 0.9% on July 21. The Dow Jones Industrial Average gained 385 points, or 0.7%, while the Nasdaq Composite index increased by 1.3%. Technology stocks contributed to the gains, as Micron Technology shares rose and Nvidia shares rose 2% on July 22.

European indices posted gains in early trading on July 22. France's CAC 40 index rose 0.6% to 8,410.68, and Germany's DAX index rose 0.4% to 25,106.51. Britain's FTSE 100 index rose 0.8% to 10,666.51. Futures for U.S. markets indicated a lower open, with Dow futures down 0.2% at 52,366.00 and S&P 500 futures down 0.4% to 7,518.75.

In Asia, Japan's Nikkei 225 index fell 0.2% to close at 66,115.60. The Japanese government reported that imports and exports rose in June 2026 compared to June 2025, though currency and energy costs remained a concern. Analyst Stephen Innes said oil makes the situation more difficult because Japan imports most of its energy, and a weaker yen and higher crude prices arrive together like two waves hitting the same sea wall.

The U.S. dollar traded at 163.11 Japanese yen, down from 163.14 yen, while the euro traded at $1.1409, up from $1.1404. Other Asian markets showed varied results. Australia's S&P/ASX 200 index rose 0.3% to 8,823.00, and South Korea's Kospi index rose 0.7% to 6,797.70. In contrast, Hong Kong's Hang Seng index fell 1.0% to 24,892.66. China's Shanghai Composite index rose less than 0.1% to 3,867.03.

Energy markets reacted sharply to geopolitical developments. Benchmark U.S. crude oil prices rose $2.90 to $87.24 a barrel. Brent crude oil prices rose $2.91 to $93.92 a barrel. The price increases followed reports of violence affecting maritime traffic in key international waterways.

Diplomatic efforts appeared stalled as tensions escalated. Secretary of State Marco Rubio stated that the U.S. remains open to diplomacy with Iran but said Iran does not seem serious about it. Rubio added that Iran is targeting global shipping in an international waterway and demanding to control which ships can pass.

Maritime security organizations documented recent incidents. The U.K.’s Maritime Trade Organization reported multiple attacks on vessels in the area in the last two days. In at least two attacks, crew members abandoned their ships. These events disrupted normal traffic patterns through strategic chokepoints.

Shipping data reflected the volatility. Ships crossed the Strait of Hormuz on Monday, July 20, 2026. The number dropped on Tuesday, July 21, 2026.

Further west, ships passed through the Bab el-Mandeb Strait on Tuesday, July 21, 2026. Iranian-backed Houthi rebels in Yemen stated they would seek to impose a maritime blockade on Saudi Arabia, adding to regional instability.

The convergence of rising oil prices and disruptions to global shipping routes affects international trade and inflation expectations. Japan's reliance on imported energy makes its economy particularly sensitive to the dual pressure of a weaker yen and higher crude costs, as noted by market analysts. The mixed performance of global equity indices reflects investor caution as they assess the potential for broader conflict.

Continued attacks on commercial vessels and threats of blockades in the Strait of Hormuz and Bab el-Mandeb Strait risk prolonging supply chain disruptions. With diplomatic channels appearing inactive, markets remain vulnerable to further escalations that could drive energy prices higher and constrain global economic activity.