Mar 27, 2026

Saudi pipeline reaches full capacity as Iran damages Gulf aluminum plants

Oil-supply workarounds improved at the margin, but strikes on Gulf industrial assets and damage to US command-and-control aircraft kept the risk skew defensive.• Oil/Shipping: Saudi Arabia’s East-West pipeline reached 7 million b/d, with Yanbu crude exports near 5 million b/d and products at 700,000-900,000 b/d; Pakistan said Iran cleared 20 more Pakistani-flagged ships through Hormuz at two per day.• Metals/War: Emirates Global Aluminium said Al Taweelah sustained significant damage and injuries; Aluminium Bahrain assessed damage. The Gulf supplies about 8%-9% of global aluminum, and London prices are 4% above prewar levels.• US/War: CENTCOM said 3,500 sailors and Marines arrived, the US has struck more than 11,000 Iranian targets, and WSJ reported an E-3 Sentry was damaged at Prince Sultan. CENTCOM denied Iran’s Dubai-casualty claim.• Credit/Deals: Bloomberg said private-credit funds at Apollo, BlackRock, Ares, Blackstone and Oaktree faced unusual withdrawals, while JPMorgan completed $15 billion of EA buyout debt that traded higher.

Maersk halts Salalah operations after Houthis enter Iran war

Geopolitical risk broadened across Gulf logistics, air defense and nuclear policy, keeping the bias defensive for equities and supportive for energy risk premia.• Shipping/Red Sea: Houthis claimed their first missile attack on Israel in the war; Israel said it intercepted the missile, with no casualties, while officials warned the group could resume ship attacks.• Ports/Logistics: Maersk said Salalah port operations were halted for about 48 hours after a drone attack damaged a crane and forced evacuation.• War/US: AP reported 15 US troops were injured, five seriously, at Prince Sultan Air Base after six ballistic missiles and nearly 30 drones; the US military has not commented.• Gulf/Airports: Kuwait said drone strikes caused major radar damage at its main airport; Bahrain said it intercepted 20 missiles and 23 drones in 24 hours.• Nuclear/Policy: Iran’s parliament is weighing an NPT withdrawal proposal, though final authority rests with top security bodies.

Oil nears $115 after Iran hits Saudi base

Geopolitical risk worsened overnight, with attacks spreading across Gulf infrastructure and US assets while a limited Hormuz carveout offered little relief.• War/US: An Iranian missile-and-drone attack on Prince Sultan Air Base in Saudi Arabia wounded 12 US troops, two seriously, and significantly damaged at least two KC-135 refueling planes.• Gulf/Oil: UAE defenses engaged Iranian drones and missiles; debris caused two fires and five injuries at Abu Dhabi’s Khalifa industrial zone. Oman said two drones hit Salalah port, damaging a crane.• Markets/Oil: Brent continued higher after hours, reaching almost $115; WTI settled 5.5% higher at $99.94, its highest close since July 2022.• Hormuz/Shipping: Thailand said Iran allowed Thai oil tankers to transit Hormuz, while the UN formed a task force to facilitate humanitarian and fertilizer trade.• Washington/Shutdown: The House passed a DHS stopgap 213-203, setting up a Senate standoff as lawmakers left for recess.

Oil settles at 2022 high after Trump says Iran targets remain

A late risk-off close left oil and equities at fresh stress points, while Washington mixed negotiation signals with a longer target list.• Markets/Oil: Brent settled up 4.2% at $112.57, its highest close since July 2022; the S&P 500 fell 1.7% to a six-month low and the Nasdaq dropped 2.1%.• War/Nuclear: Iran said another projectile hit Bushehr at 11:40 p.m. local time, the third strike on the facility, with no reported damage; Trump said the US has 3,554 Iranian targets left.• Diplomacy/Hormuz: Witkoff said the US plans Iran meetings this week; Iran agreed to facilitate UN-requested humanitarian ships through Hormuz, while the Houthis threatened to intervene under conditions.• DHS/Travel: Trump ordered TSA officers paid, with checks possible Monday, but House Republicans rejected the Senate DHS bill and teed up a May 22 stopgap.• Credit/Alternatives: Blue Owl Credit Income lost 0.86% in February and HPS Corporate Lending Fund fell 0.3%, their weakest months since 2022.

Nasdaq drops after Iran nuclear strikes lift Brent above $112

Risk assets weakened further as energy-supply stress and confirmed nuclear-related strikes outweighed tentative signals that Washington is not preparing an immediate ground invasion.• Markets/Oil: Brent traded above $112; the Nasdaq fell 2% and the S&P 500 1.4%, with banks and consumer discretionary lagging while energy rose.• War/Nuclear: Israel confirmed strikes on Arak’s heavy-water plant and Ardakan’s yellowcake facility; Iran reported no radiation release, but separate cement and steel-site strikes killed workers.• Hormuz/Energy: Tracking showed only six vessels crossed Hormuz Thursday and 39 in seven days; Russia plans to ban gasoline exports April 1, and US rigs fell by nine to 543.• Policy/War: Rubio said the Iran campaign should take “weeks not months” and can meet objectives without ground troops, though deployed forces preserve options.• Credit/Tech: Oracle five-year CDS rose as much as 7.9 bp to 198.58 bp, near a record, on AI debt concerns.

Treasury yields hit July highs as Iranian media reports industrial strikes

Risk tone stayed defensive as the war broadened from shipping and energy into Iranian industrial and nuclear targets, while US data reinforced the inflation shock from higher fuel costs.• War/Industry: Iranian media said US-Israeli strikes hit Mobarakeh and Khuzestan steel plants; Mobarakeh said power facilities and a steelmaking workshop were hit, and Fars said Khondab heavy-water research was targeted.• Rates/Macro: The 10-year Treasury yield touched 4.48%, its highest since July, before easing; final Michigan sentiment fell to 53.3 and one-year inflation expectations rose to 3.8%.• Travel/Energy: Carnival cut FY EPS guidance to about $2.21 from $2.48 and raised expected fuel costs by one-third to $2.15 billion.• AI/Power: Meta will fund seven Entergy gas plants totaling 5.2GW for its Louisiana Hyperion data center, plus transmission, storage and nuclear uprates.• Cyber: Cybersecurity stocks slid after Fortune reported an Anthropic test model posed security risks; CRWD, PANW and ZS fell more than 5%.

Oil tops $111 after Iran turns back Hormuz vessels

Oil, rates and equity risk worsened as Hormuz restrictions hardened, LNG disruption widened and rate-cut pricing vanished.• Hormuz/Oil: The IRGC said it turned back three container ships and banned vessels to or from ports linked to US and Israeli supporters; Brent was quoted at $111.• Rates/Macro: The US 10-year yield rose to 4.46%, the highest of the war; CME showed zero odds of a Fed cut this year and a 54% chance of a hike.• LNG/Energy: QatarEnergy declared force majeure on LNG shipments through May, people said, effectively canceling obligations on as many as 90 cargoes.• Equities/Trade: S&P 500 futures fell 0.4% and Nasdaq 100 futures 0.6% after China opened two investigations into US trade practices; the VIX neared 30.• War/Defense: Israel vowed to expand strikes, including in Tehran; WaPo said US Tomahawk stocks in the region are alarmingly low.

Oil nears $110 after Iranian attacks hit US troops and Gulf ports

Escalation outweighed the latest deadline extension, with direct hits on Gulf infrastructure and US personnel keeping energy and rates pressure elevated.• War/Gulf: NYT reported, citing US officials, that an Iranian missile-and-drone strike injured 12 US troops at Saudi Arabia’s Prince Sultan Air Base, with two seriously hurt and at least two KC-135 tankers significantly damaged.• Shipping/Oil: Brent rose 1.3% to near $110 as Kuwait said drones hit Shuwaikh port and drones and missiles hit Mubarak Al-Kabeer; the UAE, Saudi Arabia and Jordan also reported interceptions.• Hormuz/China: Two Cosco-linked container ships tried to exit Hormuz, changed signals to emphasize Chinese ownership and crew, then turned back near Iranian islands; Cosco has at least six crude tankers stuck in the Gulf.• Rates/Inflation: Spanish CPI jumped to 3.3%, while 10-year bund yields rose to 3.09% and gilts returned to 5%.

Oil rises after Pentagon weighs 10,000 more Middle East troops

Geopolitical risk stayed the key driver, with a larger US force option offsetting tentative equity stabilization in Asia and fresh evidence of energy-supply rationing across importers.• War/Oil: WSJ said the Pentagon is considering up to 10,000 additional ground troops near Iran and Kharg Island; Brent was quoted near $111 by NYT, though FT later had it around $107.• Asia/Equities: Early regional losses reversed partly; CSI 300 rose 0.4%, Hang Seng gained 0.3%, Kospi remained down 1.8%, and S&P 500 futures rose 0.4%.• Energy/Supply: South Korea began a five-month naphtha export ban, Vietnam airlines announced April flight cuts, and India cut fuel taxes to shield refiners.• FX/Rates: Japan warned of “bold actions” as the yen neared 160 per dollar; FT said Treasury market liquidity is showing strain.

Oil retreats after mediators dispute Trump's Iran pause claim

After-hours trading partially unwound the crude spike, but policy risk stayed elevated as diplomats challenged the White House's account and Fed officials leaned inflation-first.• Oil/Diplomacy: Brent fell to almost $103 after Trump's post, and WTI dropped toward $93; mediators told WSJ Iran had not requested the 10-day pause and had not delivered a final response.• Rates/Fed: Lisa Cook said Iran makes inflation the bigger Fed risk; Michael Barr backed holding rates, while the 10-year closed at 4.415% and the two-year at 3.983%.• Equities: The Nasdaq closed in correction territory, down more than 10% from its October peak; Asian equity futures pointed lower after the US selloff.• Shutdown/Travel: Trump said he would order TSA agents paid as DHS funding talks stalled and airport lines worsened.• Spirits/M&A: Pernod Ricard and Brown-Forman confirmed merger talks; Brown-Forman rose while Pernod fell.

Oil settles above $108 after Trump questions Iran deal

Risk assets weakened into the afternoon as oil finished at a fresh war-driven high and verification of Hormuz traffic remained disputed.• Oil/Markets: Brent settled up 5.7% at $108.01, its biggest gain since March 11; WTI rose 4.6% to $94.48, while the S&P 500 fell 1.5%, Nasdaq 2% and two-year yields reached 3.97%.• Hormuz/Diplomacy: Trump said eight Pakistan-flagged tankers passed as an Iranian gesture, but Bloomberg tracking showed no sign of them; he also said taking control of Iran’s oil was an option.• War/Israel: Israel said more than 60 jets hit Iranian weapons facilities, while Hezbollah killed one person in Nahariya and Israel expanded its Lebanon ground operation.• Company News: Netflix raised US plans by $1-$2 monthly; Meta lifted its El Paso data-center commitment to more than $10B; Pernod Ricard is said to be exploring Brown-Forman.

Iran counters US plan as Trump says 10 tankers passed Hormuz

War headlines remained mixed: Tehran hardened its stated terms even as US officials claimed signs of tanker movement and an eventual off-ramp.• Iran/Diplomacy: Tasnim and FT said Iran formally responded to the US 15-point plan with counterproposals demanding reparations, an end to assassinations, guarantees against renewed war and recognition of its Hormuz authority.• Hormuz/Oil: Trump said Iran allowed 10 Pakistan-flagged oil tankers through the strait as a “present”; Bessent said escorts and reinsurance would start “soon,” while Brent stayed around $107.• Credit/Private Markets: Bloomberg estimated more than $4.6B of private-credit redemptions are trapped behind fund limits, with Blue Owl tender windows now in focus.• Mega-Cap Tech: Meta fell about 8%, losing roughly $119B in market value, after back-to-back youth-safety verdicts; Google and Snap remain exposed to similar litigation.• Housing/Rates: Freddie Mac said the 30-year mortgage rate rose to 6.38%, the highest since September.

Oil nears $107 after Hormuz traffic stops

Risk tone weakened as the Hormuz shutdown showed harder evidence, oil extended gains and chip-specific pressure added to the futures decline.• Oil/Hormuz: FT tracking recorded zero Strait of Hormuz crossings in both directions Wednesday, the first such day since hostilities began; Brent was up nearly 5% near $107.• War/Command: Israel said it killed IRGC Navy chief Alireza Tangsiri and other senior naval officials; Iran had not confirmed his death.• Diplomacy: Pakistan said US-Iran indirect talks are taking place and Tehran is reviewing a 15-point US plan, contradicting Iran's public denial of negotiations.• Chips/AI: Micron, Western Digital and Seagate sold off after Google's TurboQuant compression tool raised fears of lower AI memory needs.• Macro/Rates: Initial jobless claims rose to 210,000, while continuing claims fell 32,000 to 1.819 million, the lowest since May 2024.

Oil tops $105 while Trump extends Iran deadline

War news kept crude bid and equities defensive, while policy and deal flow showed the conflict feeding inflation and infrastructure spending.• Oil/Diplomacy: Trump pushed the deadline for Iran to fully reopen Hormuz to April 6, but Brent still rose 3.4% above $105 as talks remained disputed.• War/Targets: Iran said it attacked a US base in Kuwait and a Saudi air base used by US forces; damage was not immediately clear.• War/Hormuz: Israeli officials told NYT they targeted IRGC Navy commander Alireza Tangsiri, a key figure in the Hormuz shutdown; his status was unknown.• Macro/Rates: The OECD raised its US inflation forecast to 4.2% and expects US rates unchanged through 2026; ECB’s Nagel said an April hike is possible.• AI/Infrastructure: The US Army picked Carlyle and KKR-backed CyrusOne for multibillion-dollar data centers on bases under 50-year leases.

Oil rises while Asian stocks tumble on wider war risks

War spillovers worsened risk tone in Asia, with fresh transport, supply and credit stress adding to the inflation shock.• Markets/Oil: Brent rose 2.3% to $104.58, S&P 500 futures fell 0.4% and South Korea’s Kospi dropped 3.4%; the CSI 300 lost 1.1% and Hang Seng 1.9%.• War/Israel: Iran fired missiles toward Israel; authorities reported impacts near Kafr Qasim east of Tel Aviv and six minor injuries.• Shipping/Oil: A Turkish Suezmax carrying about 1 million barrels of Urals crude was disabled near the Bosporus after a suspected undersea attack; Turkey reported no spill or casualties.• Energy/Supply: Traders expect Saudi Aramco’s April shipments to China to fall to about 40 million barrels from 48 million in February, with India also below recent levels.• Credit/Policy: ING said private-credit stress and the war have lifted funding costs for some high-beta borrowers by as much as 400 bp; South Korea announced a $3.3B bond buyback.