Daily Digest — 22 May 2026

Oil markets surged 1.4% to $97.71 as geopolitical tensions escalated around Iran’s nuclear program, with reports that Iran wants to keep enriched uranium within the country raising concerns about potential supply disruptions. The International Energy Agency warned that travel demand could push markets into a “red zone” during the summer season, adding pressure to already tight supplies.

Markets showed mixed reactions elsewhere as investors weighed competing forces. Bitcoin held steady around \(77,500 despite [Mark Cuban revealing he sold most of his holdings](https://www.coindesk.com/markets/2026/05/21/mark-cuban-says-he-sold-most-of-his-bitcoin-after-failed-hedge-narrative-disappointed-the-billionaire) after the cryptocurrency failed to act as a hedge during recent geopolitical turmoil. Gold retreated slightly to \)4,529 while copper gained 1.2% on industrial demand expectations.

The Muslim world faced tragic headlines as thousands gathered for funeral prayers in San Diego for three men killed in a mosque attack, with over 2,000 attendees participating in the Islamic funeral rites. Meanwhile, political tensions escalated in Turkey where the main opposition leader vowed to remain after a court ruling attempted to remove him from party headquarters.

Technology companies dominated corporate news as SpaceX scrubbed its Starship V3 test flight just before liftoff, though the company’s IPO prospects remain strong with Elon Musk holding the largest stake. Waymo expanded service suspensions to four cities as its robotaxis continued driving into flooded roads, highlighting ongoing challenges in autonomous vehicle deployment.