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NAB Morning Call · July 21 · 16 min

Pickaxe Diplomacy

Wednesday 22nd July 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Intelligence suggests that Iran has moved its nuclear capability inside Pickaxe Mountain, which the US President has said they will attack, heavily. That, together with an IEA warning and Saudi ships turning around in the Red Sea has pushed oil higher, back into the nineties, with the potential to go much further. NAB’s Skye Masters joins Phil to talk through the market response to this, plus the rebound in equities, particularly for chipmakers, ahead of Alphabet and Tesla earnings this morning. Plus, yesterday’s employment data, today’s CPI and how the new UK PM is treading a careful path on spending. Hosted on Acast. See acast.com/privacy for more information.

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Wednesday 22nd July 2026


NAB Markets Research Disclaimer 

Financial Services Guide | Information on our services - NAB


Intelligence suggests that Iran has moved its nuclear capability inside Pickaxe Mountain, which the US President has said they will attack, heavily. That, together with an IEA warning and Saudi ships turning around in the Red Sea has pushed oil higher, back into the nineties, with the potential to go much further. NAB’s Skye Masters joins Phil to talk through the market response to this, plus the rebound in equities, particularly for chipmakers, ahead of Alphabet and Tesla earnings this morning. Plus, yesterday’s employment data, today’s CPI and how the new UK PM is treading a careful path on spending.

Hosted on Acast. See acast.com/privacy for more information.

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