Live: ASX to rise as oil prices hit five-week high, Wall Street tech stocks rebound

The Australian share market is likely to start its day higher after Wall Street's beaten-down tech and semiconductor stocks rebounded sharply overnight.Oil prices surged to a five-week high as Donald Trump signalled the US is "not finished" attacking Iran, warning American forces could strike a major underground nuclear facility "pretty soon".See how the trading day unfolds on our blog.Disclaimer: this blog is not intended as investment advice.Wed 22 Jul 2026 at 7:52amWed 22 Jul 2026 at 7:52amMarket snapshotASX futures: +0.2% at 8,761 pointsASX 200 (Tuesday close): flat at 8,793 pointsAustralian dollar: flat at 69.98 US centsWall Street: Dow Jones (+0.7%), S&P 500 (+0.9%), Nasdaq Composite (+1.3%)Europe: FTSE (+0.6%), Stoxx 600 (+0.6%)Spot gold: +1.8% to $US4,077/ounceOil (Brent futures): +2.4% to $US91.39/barrelOil (WTI futures): +2.1% to $US84.91/barrelIron ore: -0.2% at $US98.30/tonneBitcoin: +1.6% to $US66,401Prices current at around 7:30am AESTWed 22 Jul 2026 at 8:07amWed 22 Jul 2026 at 8:07amDonald Trump's plan to sell banks early access to Truth Social postsFrom August, Donald Trump's Truth Social platform will offer banks and traders early access to influential posts which could move financial markets.The announcement follows recent financial disclosures from the US president showing he earned at least $US2.2 billion from his various businesses, including cryptocurrency interests, in his first year back in the White House.ABC's America's editor John Lyons, who famously attracted the ire of Mr Trump for asking about his business dealings, joined The Business to discuss the ethical and potential legal concerns about a president selling preferential access to their posts.It will reportedly cost as much as $US100,000 a month for a company to get faster access to Mr Trump's social media posts, which often includes government announcements.Wed 22 Jul 2026 at 7:58amWed 22 Jul 2026 at 7:58amOil prices jump to highest level in five weeksThe international oil benchmark, Brent crude futures, has jumped 2.6% to $US91.57 per barrel.US West Texas Intermediate crude, meanwhile, gained 2% to $US84.91 per barrel.Prices have risen to their highest level since June 10 on concerns about energy supply disruptions getting worse in the Middle East.Donald Trump has signalled the US is "not finished" attacking Iran and warned American forces could hit the Pickaxe Mountain underground nuclear complex "pretty soon".The US president also suggested the military was prepared to "take care of" the Iran-backed Houthi rebels.The Houthis announced a naval blockade on Saudi Arabia yesterday, expanding the conflict and raising the threat to global energy supplies and trade beyond the Gulf.Meanwhile, crude oil exports from Saudi Arabia fell for a third straight month in May to a record low. That's according to new data from the Joint Organizations Data Initiative, a database coordinated by the International Energy Forum.- with reporting by ReutersWed 22 Jul 2026 at 7:52amWed 22 Jul 2026 at 7:52amASX to rise after US tech stocks reboundGood morning, and welcome to the ABC's finance blog! I'll be guiding you through the latest market action for the next few hours.It looks like the local share market will start its day slightly higher. ASX futures, which are a rough indicator of how the market may open, have risen by about 0.2%.The Australian dollar is hovering just below 70 US cents.Oil prices jumped to a five-week high, with Brent crude futures up 2.5% to $US91.41 per barrel.Despite that, Wall Street finished trading higher as beaten-down tech and semiconductor stocks rebounded sharply ahead of Google's parent company Alphabet, Tesla and Intel reporting their earnings later this week.Investors are keen to find out whether the 'AI trade' has more room to run, given sky-high profit expectations for the June quarter and beyond.The Dow Jones Industrial Average rose 0.7% to 52,225 points, the S&P 500 lifted 0.9% to 7,509 points and the Nasdaq Composite gained 1.3%, to 25,837 points.Some of the notable gains were Sandisk (+14.3%), Western Digital (+12.5%) and Micron Technology (+12.2%).Anyway, please grab a coffee, tea or whatever you normally have in the morning, and I'll have more updates for you shortly!