🏦 **BlackRock: Markets Look Through Middle East Tensions, Stay Pro-Risk**
BlackRock Investment Institute's July 20, 2026 weekly commentary notes renewed U.S.-Iran tensions and volatile semiconductor stocks kept geopolitical risk in focus, while the S&P 500 stayed within 1% of its record high (up 11% YTD), the 10-year Treasury yield rose to about 4.55%, and Brent crude climbed above $76/barrel.

**Why it matters:** Investors are treating the flare-up as a near-term shock rather than a shift in the macro backdrop, keeping risk positioning intact even as rates and oil prices reprice higher.
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