Mar 18, 2026

Brent falls to $107 while Iran fires new missiles at Israel

Oil eased in early Asia, but the overnight tape still carried fresh escalation, LNG-contract stress and company-specific after-hours risk.• War/Oil: Brent fell 1.5% to $107.04 as South Korea’s Kospi rose 0.5%, even after Iranian state media said a new missile wave targeted Israel; Israel reported a Haifa fire and no casualties, while Saudi Arabia said it intercepted several drones.• LNG/Qatar: QatarEnergy said Ras Laffan damage could force force majeure on some long-term LNG contracts for up to five years; Shell’s Pearl GTL train is expected offline at least a year, and Qatar helium exports may fall 14%.• Defense: The US advanced $23bn in Middle East arms sales, adding previously undisclosed UAE Patriot and Chinook deals to the announced packages.• Single Stocks: Super Micro said a board member and two others were indicted over alleged AI-server diversion to China; Unilever is reportedly in talks to combine its food business with McCormick.

Stocks pare losses after Netanyahu claims Iran lost enrichment capacity

Markets reversed part of the day’s risk-off move after Netanyahu’s claims, but Hormuz traffic remains minimal and official supply and defense responses escalated.• War/Markets: The S&P 500 closed down 0.3% after falling 1%; two-year yields retreated to 3.8%, and Brent fell to $106.72 after topping $119.• Iran/Energy: Netanyahu said Iran can no longer enrich uranium or make ballistic missiles, without evidence, and said Israel would halt further South Pars attacks at Trump’s request. He said Israel acted alone, while WSJ had reported Trump was informed.• Hormuz/Oil: UKMTO said Hormuz traffic is three vessels a day, down from about 138 before the war; IEA members pledged 426mn barrels, led by a 172mn-barrel US release.• Defense: Rubio fast-tracked up to $16.5bn in weapons for Kuwait, UAE and Jordan, including RTX radars and air defenses.• Health/Transport: Medicare Advantage insurers fell after CMS questioned cost controls; FedEx raised FY EPS guidance to $19.30-$20.10.

Allies doubt Hormuz reopening while White House rules out oil export ban

Energy risk stayed elevated, but Washington’s supply comments capped the most extreme oil-spread move while military and shipping risks worsened.• Hormuz/Shipping: Europe’s biggest naval powers see no way to reopen Hormuz to commercial traffic before the war eases; UK planners are at CENTCOM, but France is staying out for now.• Oil/Refining: Israel’s Haifa/Bazan refinery was hit by Iranian shrapnel, causing a fire; Israel’s energy ministry said major infrastructure damage was not significant.• Policy/Oil: The White House said an oil-export ban is not under consideration, narrowing Brent’s premium over WTI to about $12 from roughly $20.• Defense/War: Centcom confirmed a US F-35 made an emergency landing after an Iran mission; Iran claimed it seriously damaged the jet, and Bloomberg reported 16 US aircraft destroyed since the war began.• Pharma/Tech: Novo won FDA approval for high-dose Wegovy; Accenture raised guidance and said Middle East exposure is about 1% of revenue.

Bessent floats easing Iran oil sanctions as Qatar quantifies LNG damage

Oil volatility broadened into rates and commodities: Washington floated real-barrel supply relief while Qatar’s LNG outage was quantified as multi-year, and central banks leaned hawkish against the energy shock.• Oil/Policy: Bessent said the US may lift sanctions on about 140mn barrels of Iranian oil already at sea and could tap the SPR again; he denied oil-futures intervention.• LNG/Qatar: Reuters cited QatarEnergy saying Iran’s strikes damaged 17% of Qatar LNG export capacity, with repairs taking 3-5 years; FT said two of 14 trains were hit and Exxon is a partner.• Rates/Macro: BOE held at 3.75% unanimously and ECB at 2%; traders priced BOE hikes, two-year Treasuries rose about 15bp and Fed-cut odds for 2026 were erased.• Autos/Tech: Uber agreed to invest up to $1.25bn in Rivian for 10,000 autonomous R2 robotaxis from 2028.• Banks/Regulation: US regulators proposed easing big-bank capital rules, potentially freeing funds for lending, dividends and buybacks.

Brent spikes after drone hits Saudi Red Sea refinery

Energy shock deepened as attacks moved to Saudi Arabia’s Red Sea export route, while gas and rates markets priced a longer disruption.• Saudi/Oil: A drone hit the Samref refinery at Yanbu, a Saudi Aramco-Exxon venture, and a ballistic missile toward the port was intercepted; Aramco briefly halted crude loadings there before resuming, according to people familiar.• Energy/Markets: Brent rose as much as 10% to $119 before paring to about $114. Iran’s ISNA reported lawmakers are considering charging ships for safe transit, and a military spokesman warned the response was “not yet complete.”• Gas/Rates: Asian JKM gas jumped 32.8% to $25.412/MMBtu; Bloomberg Intelligence said European gas could test €90/MWh this winter, while traders boosted ECB and BOE hike bets.• Pharma: Lilly said retatrutide cut weight 15.3% in a late-stage diabetes trial, pressuring Novo.

European gas jumps after Iran damages Qatar LNG

Energy stress broadened from crude into gas and refined products, with new Gulf refinery and shipping incidents keeping risk assets under pressure.• Gas/LNG: European benchmark gas jumped as much as 35% to €71.47/MWh after Qatar’s Ras Laffan damage; Qatar said all fires were contained and no injuries were recorded.• Oil/Refining: Kuwait said drones hit Mina Al-Ahmadi and Mina Abdullah, causing contained fires; the refineries together have 800,000 b/d of capacity.• Shipping/Oil: UKMTO said a vessel four nautical miles east of Ras Laffan was hit by an unknown projectile; the crew was safe, and at least 20 vessels have been struck in the conflict.• Commodities/Transport: Brent reached as high as $115, heating oil hit the highest since October 2022, and copper erased its 2026 gains.• Oil/Flows: Asian refiners booked about 60mn barrels of US crude for April loading, the most since April 2023.

Qatar LNG site suffers further damage after second Iranian strike

Energy risk escalated again, though Trump’s warning against further Qatar attacks helped US futures recover modestly while oil stayed firm.• Qatar/LNG: QatarEnergy said a second Iranian missile wave hit several Ras Laffan LNG facilities, causing sizeable fires and “extensive further damage”; Qatar said two of three fires were contained and no injuries were reported.• Shell/Energy: QatarEnergy said Wednesday’s attack extensively damaged Shell’s Pearl GTL plant, which can process 1.6 bcf/day of gas into 140,000 b/d of liquids.• Oil/Shipping: Brent extended gains to 5%; a vessel caught fire 11 nautical miles east of Khor Fakkan after an unknown projectile hit it.• Policy/War: Trump said Israel would stop South Pars attacks unless Qatar is hit again, but WSJ reported the US had been informed and approved the strike.• Japan/FX: The BOJ held at 0.75% in an 8-1 vote and cited Middle East oil risks.

UAE gas plant shuts after Abu Dhabi intercepts missiles

Energy-risk news worsened after the close, with fresh Gulf infrastructure threats offset only partly by calls to stop attacks on civilian energy assets.• UAE/Energy: Abu Dhabi said missiles targeting Habshan gas facilities and the Bab oil field were intercepted; Habshan, which feeds ADNOC’s LNG export plant, suspended operations, with no injuries reported.• Qatar/LNG: Qatar expelled Iran’s military and security attachés and staff within 24 hours. A NASA fire-detection satellite measured the Ras Laffan blaze at 1,420MW; Bloomberg Intelligence said output could be offline for months if damage is severe.• Markets/Asia: Japan futures fell almost 3%, Kospi futures about 3.6% and Australia opened roughly 1.6% lower; the yen weakened to 159.90 per dollar.• Policy/Market Structure: The SEC approved Nasdaq’s plan to trade some stocks and ETPs in tokenized form under existing tickers.• Retail: Five Below rose 7% postmarket after FY2026 sales and EPS guidance topped consensus.

Stocks fall after Powell flags inflation risks

The Fed kept a cut in its forecasts, but Powell’s inflation caution and Gulf energy damage left risk assets weaker into the close.• Fed/Markets: The Fed held rates at 3.5%-3.75% in an 11-1 vote and still projected one 2026 cut; Powell said cuts require inflation progress, several officials discussed a possible hike, and the S&P 500 closed down 1.4%.• Energy/Gulf: QatarEnergy confirmed Iranian missile attacks caused fires and “extensive damage” at Ras Laffan, the world’s largest LNG export hub; all personnel were accounted for and the fire was later controlled.• Oil/Rates: Brent settled up 3.8% at $107.38, while WTI finished at $96.32; two-year yields rose toward 3.75% and the dollar gained 0.5%.• Chips: Micron guided fiscal third-quarter revenue to about $33.5 billion, well above the $23.7 billion consensus, on AI-driven memory shortages.

Saudi intercepts Riyadh missiles as stocks weaken before Fed

Risk stayed defensive as Gulf attacks widened, though Saudi export rerouting and contained South Pars damage offered partial offsets to the energy shock.• Gulf/Saudi: Saudi Arabia said it intercepted four ballistic missiles aimed at Riyadh and eight drones in the Eastern Province, including several near a gas facility; no initial damage or injuries were reported.• Oil/Supply: Saudi exports through Yanbu averaged 4.19mn b/d over five days, more than half normal total exports and up from about 1.4mn, as the kingdom bypasses Hormuz.• LNG/Gas: QatarEnergy evacuated Ras Laffan LNG facilities as a precaution, while Iran’s gas company said South Pars output continued and the domestic network was stable.• Markets/Rates: The S&P 500 was down 0.7%, Nasdaq 0.6%, two-year yields rose to 3.71%, and the dollar gained 0.2% before the Fed decision.• Tech/Power: Google advanced a Michigan data-center deal requiring up to 1GW from DTE.

Oil jumps after Iran threatens Gulf energy sites

Energy and inflation risk dominated morning trading, with crude strength and hotter PPI pressuring risk assets ahead of the Fed.• Gulf/Energy: Iran named facilities in Saudi Arabia, Qatar and the UAE as direct targets within hours; Aramco evacuated Samref and Jubail, with Al Hosn and Mesaieed also evacuating.• Oil/Gas: Brent rose more than 5% above $109; European gas gained as much as 7.9%. Iraq said Iranian gas supplies stopped, cutting 3.1GW of power generation.• Macro/Rates: February PPI rose 0.7% m/m and 3.4% y/y, the fastest in a year; traders cut odds of a 2026 Fed cut and priced two ECB hikes.• Policy/Oil: Trump waived the Jones Act for 60 days to ease domestic energy shipping costs, though analysts expect limited gasoline relief.• Defense/Iran: Centcom said US forces have struck more than 7,800 targets and damaged or destroyed 120 Iranian vessels since Feb. 28.

Oil rebounds after Iran says strikes hit South Pars gas field

Energy risk re-accelerated premarket after Iran said upstream assets were hit, cutting into earlier relief from Saudi refinery news and bond strength.• Oil/Gas: Iran state TV said strikes hit South Pars and Asaluyeh facilities; Brent briefly topped $105, and European gas futures pared losses. Bloomberg said a confirmed hit would be the war’s first targeting of Iran’s upstream oil and gas assets.• Gulf/Supply: Ras Tanura, Saudi Arabia’s 550,000 b/d refinery, restarted after a drone-related halt, according to a person familiar, offering a partial offset to Gulf disruption.• Markets/Risk: S&P 500 futures pared gains but were still up 0.4% at 7:45 ET after the South Pars headlines.• Israel/Iran: Israel said it killed Iranian Intelligence Minister Esmaeil Khatib; Iran had not confirmed the claim.• Consumer/Staples: General Mills missed estimates as organic revenue fell 3%; Macy’s guided EPS of $1.90-$2.10, below consensus.

AMD secures Samsung HBM4 supply as Iran chokes rival Gulf crude flows

Oil slipped but supply risk stayed acute, with new data showing Iran preserving its own exports while restricting neighbors’ flows. Single-name AI news was constructive for AMD.• Oil/Shipping: Kpler showed Iranian crude made up nearly three-quarters of 27.2mn barrels exiting the Persian Gulf since March 1; other producers ran about 400,000 b/d versus 14mn normally, and Goldman put flows down 98%.• Chips/AI: Samsung agreed to be the primary HBM4 supplier for AMD’s MI455X accelerators and to provide DDR5 for AMD’s Helios system.• Gulf/Banks: The UAE central bank let lenders access up to 30% of reserve balances, eased liquidity and capital buffers, and allowed delayed NPL classification.• Oil/Routes: Iraq resumed exports to Turkey’s Ceyhan at 250,000 b/d, while China may draw up to 1mn b/d from commercial reserves, FGE said.

Asian chip stocks rise while Israel expands strikes to Beirut

Risk news broadened beyond Hormuz, but Asian trading showed selective risk appetite as AI hardware led regional gains and Brent eased from the U.S. close.• Gulf/Security: Israel struck central Beirut and southern suburbs; Lebanon reported six killed and 24 injured. Iraq also said the U.S. Embassy in Baghdad faced a fresh attack.• Nuclear Risk: The IAEA said Iran reported a projectile hit the area around the Bushehr nuclear plant, with no damage or injuries, and urged restraint.• Markets/AI: Brent fell 1% to $102.4. South Korea’s Kospi rose 3.8%, Japan’s benchmark gained 2.2% and Taiwan’s Taiex added 1.4% as AI suppliers rallied.• Chips/Memory: Samsung shares rose as much as 6.5% after it said it may shift memory-chip customers to three- to five-year contracts.• Airlines/Fuel: Cathay extended Riyadh and Dubai passenger and cargo cancellations through April.

US bombs Hormuz missile sites after Iran attack kills two near Tel Aviv

Geopolitical escalation accelerated after the US struck Iranian coastal missile sites, while alternative crude routes and airline liquidity stress added sector-specific implications.• Gulf/Security: US Central Command said it used multiple 5,000-pound deep-penetrator bombs on hardened Iranian anti-ship missile sites near the Strait of Hormuz that threatened shipping.• Israel/Iran: Israeli emergency services said two people were killed near Tel Aviv after a cluster-missile attack; Kuwait said it confronted drone and missile attacks, with two minor injuries.• Oil/Shipping: Iraq and Kurdistan agreed to restart exports through Turkey’s Ceyhan route Wednesday; the pipeline previously averaged 450,000 b/d as Iraq output has fallen to about 1.5mn b/d.• Defense/Markets: The USS Gerald R. Ford is heading to port after a laundry-area fire injured two sailors, though its strike group will keep operating.• Airlines: American said higher fuel added about $400mn of costs this month and may pull forward financing for liquidity.

Brent settles at $103.42 as Nvidia restarts China H200 production

Energy stress remained the main macro overhang, but late company and policy headlines added discrete moves across chips, crypto and travel.• Oil/Shipping: Brent settled 3.2% higher at $103.42, its fourth straight close above $100, while FT said Oman crude traded above $150 as buyers replaced Gulf barrels.• Chips/China: Nvidia said it is restarting H200 production for many licensed China customers, marking progress in re-entering a market constrained by export controls.• Credit/Software: JPMorgan-led banks halted a $5.3bn Qualtrics debt deal after investors balked at software and AI-disruption risk.• Travel/Shutdown: TSA absences reached 10.2% nationally, and an official warned small airports could close if the DHS funding lapse continues.• Crypto/Regulation: The SEC and CFTC issued token-taxonomy guidance saying most crypto assets are not securities, supporting Coinbase and miners.

Oil holds near $102 after Iran escalates Saudi drone attacks

Risk appetite held up, but Gulf tail risks widened: oil stayed near triple digits, Washington’s ally split deepened, and company news showed winners from disrupted supply chains.• Gulf/Energy: Iran launched almost 100 drones at Saudi Arabia on Monday, its largest single-day barrage of the war, with attacks increasingly focused on the eastern province.• Markets/Oil: International crude was about $102, WTI near $95 and the S&P 500 up 0.3% after Trump’s remarks; the 10-year Treasury yield slipped 2bp to 4.2%.• Hormuz/Diplomacy: Trump said the US no longer needs help from NATO, Japan, Australia or South Korea; Bloomberg said reopening Hormuz looks unlikely without a ceasefire.• Airlines: Delta rose more than 4% as Delta, American, JetBlue and Frontier lifted revenue or unit-revenue views despite higher fuel.• Industrials/AI: Alcoa cited new orders as Gulf smelters curb output; Nvidia’s Huang said revenue can exceed $1tn.

US stocks rise while UAE and Qatar intercept Iranian missiles

Stocks opened firmer despite heavier Gulf risk, with oil off intraday highs but energy inflation spreading into fuels, fertilizer and airlines.• Markets/Oil: The S&P 500 rose 0.6% and Nasdaq 0.5% at the open; Brent traded near $102.50, while January 2027 WTI topped $75 from $68.55 last week.• Gulf/Security: Qatar intercepted a second missile wave, and the UAE said it intercepted 10 ballistic missiles and 45 drones; debris killed one Pakistani national.• Washington/Allies: NCTC Director Joe Kent resigned over the Iran war; Canada and Greece ruled out joining military operations around Hormuz.• Airlines/Fuel: Delta said jet fuel doubled since quarter start and raised fares; SAS cut some flights, while US diesel rose 6c to $5.• Company News: Qualcomm authorized a $20bn buyback and raised its dividend; Boeing delayed its commercial-unit margin target to 2027.

Israel kills Larijani as Hormuz crossings stay paralysed

Geopolitical risk stayed dominant, with confirmed leadership-targeting reports and fresh shipping data keeping energy and inflation pressure elevated, while airlines and AI infrastructure offered stock-specific offsets.• Iran/Israel: Israel said it killed Ali Larijani, Iran’s top security official; NYT said Iranian state media also confirmed his death, while some wires still noted no official Iranian response.• Shipping/Oil: WSJ said Hormuz crossings are near two ships a day versus more than 100 in peacetime, with about 1,100 ships trapped in the Gulf and 20 hit since the war began.• Airlines: Delta raised first-quarter revenue growth to the high single digits from 5%-7%, citing stronger March leisure and corporate bookings; JetBlue also cited improved demand.• Macro/Rates: Germany’s ZEW expectations index plunged to -0.5 from 58.3, far below the 39.2 estimate, as energy-price risk hit recovery hopes.• Metals/EVs: Darton said cobalt shortages may last through 2030 after Congo export curbs drove benchmark prices up more than 160%.

Oil rises after Fujairah suspends loadings

Energy risk re-accelerated in early Europe, adding stagflation pressure, while separate US bank-regulatory and Tesla battery news offered single-stock offsets.• Oil/Shipping: Fujairah suspended oil loadings at tanker terminals and a Vopak joint-venture mooring after recent strikes; Brent rose 4.3% to $103.78.• Fuel/Inflation: AAA said US diesel reached $5.044 a gallon, the first move above $5 since December 2022, raising costs for freight, farming and construction.• Iraq/Hormuz: Iraq said it is negotiating with Iran to let some tankers pass after output fell to about 1.2mn b/d from 4.4mn.• Banks/Capital: Bloomberg said Fed-led rule changes could free about $200bn of capital for major US banks, supporting buybacks, trading and lending.• Autos/Batteries: Tesla and LG Energy confirmed a $4.3bn Michigan LFP battery plant for Megapack systems, with production due next year.