Evening Market Recap: 24 Jul 2026

Friday July 24 began with the same geopolitical tension that drove Brent above $100 on Thursday, and ended with something the market had not priced at all: a Reuters report citing Pakistani and Chinese diplomatic sources actively working to restart US-Iran talks. That single wire was enough to send Brent retreating from its $100 high back toward $96, ease Treasury yields off their peaks, and push equities higher after Thursday's megacap-led rout. WTI pulled back toward the $87.88 area through the New York session - a 4.67% decline on the day - though the week still closed with crude up approximately 10% on geopolitical supply fears. The key level that mattered today was $88.50 in WTI: the morning briefing's stated support held early in London, then failed as the diplomatic news hit and institutional profit-taking overrode the geopolitical bid. Gold closed near $4,055, silver recovered from its $57 floor to close near $58.40, and USD/JPY remained stubbornly anchored at 163.80 despite Finance Minister Katayama's "decisive action" language. The FOMC meets in five days and the BOJ in six, with both decisions now genuinely live after this week's data. The full briefing carries the specific BOJ hike probability framework, the revised WTI entry levels for Monday's open, the EUR/USD range-trade setup ahead of Wednesday's Fed statement, and the one early-warning signal that could define how next week trades from the first hour. Subscribe to Markets Mastered for the complete evening recap and morning briefing every session.