United States sees higher consumer confidence while oil hits $90 a barrel amid Middle East tensions

The University of Michigan’s consumer sentiment index rose to 55.2 in July, a 12% increase from June and the strongest reading since the previous month, though it remains about 11% below the level a year earlier. Survey director Joann Hsu noted that despite the improvement, Americans remain cautious about the economy because of persistent high inflation, rising fuel and food prices, and a slower‑growing labor market.

At the same time, Brent crude oil prices jumped more than 7% to break the $90‑per‑barrel barrier, driven by renewed military clashes in the Middle East and statements by U.S. President Donald Trump warning of a strong response to Iran. The surge in oil prices pressured Wall Street, with the Dow Jones falling 0.88%, the S&P 500 down 0.2% and the Nasdaq slipping 0.1%, while investors awaited further guidance from the Federal Reserve on interest‑rate policy.