Futures and options traders work on the NYSE American (AMEX) floor of the New York Stock Exchange on March 6, 2026 in New York City, USA. Reuters/Brendan McDiarmid
Brendan McDiarmid | Reuters
What you need to know today
The Iran war shows no signs of easing, and Iran’s new supreme leader Mojtaba Khamenei said Thursday in his first public statement since taking office that the closure of the Strait of Hormuz should continue as a “means to put pressure on the enemy.” Meanwhile, U.S. Treasury Secretary Scott Bessent told Sky News that the U.S. Navy would begin escorting ships through the critical waterway as soon as “militarily possible.”
Oil prices soared following Khamenei’s comments, with Brent crude oil closing above $100 per barrel for the first time since August 2022. Energy concerns led to a decline in stocks in Europe and the United States, with the Dow Jones Industrial Average closing below 47,000 for the first time this year. Asian markets opened lower on Friday.
Attacks on ships have also intensified in the Persian Gulf. Three more foreign ships were attacked on Wednesday, causing a small fire on board, but all crew members were reported to be safe, Britain’s Maritime Trading Service said. This happened after two foreign oil tankers were left on fire in Iraqi waters after a collision near Umm Qasr port near the Iraqi city of Basra.
Both sides have indicated that the war could be prolonged. Ebrahim Zolfakari, spokesman for Iran’s military command, said on Wednesday that Iran had warned the world to “be prepared for oil prices to reach $200 a barrel,” according to Reuters.
Amid concerns about a protracted war, the United States has temporarily approved the purchase of Russian crude oil stranded at sea in a bid to stabilize the energy market. U.S. Treasury Secretary Scott Bessent said in a post on Thursday that this “narrowly tailored short-term measure” would not provide “significant financial benefits to the Russian government.”
Markets and policymakers appear to be bracing for further fallout, with all signs pointing to a prolonged war that continues to disrupt commodity supplies.
And finally…
Why gold hasn’t moved since the Iran conflict — and what’s next
Gold soared during last year’s 12-day war with Iran, but gave up its gains once a cease-fire was announced. But two weeks after the latest dispute, the price has barely moved.
Ross Norman, CEO of precious metals website Metals Daily, said there are several factors that could explain the lack of upward momentum, including a strong dollar and rising U.S. Treasury yields.
— Joseph Wilkins
