- Container ship hit by projectile near UAE port of Jebel Ali
- Australia allows higher sulphur fuel imports to protect supply security
- Drone strikes hit Oman energy facility, vessels evacuate Mina Al Fahal terminal
- Fitch warns rising local government debt could narrow China’s fiscal headroom
- Reuters says that Global shipper CMA CGM resumes bookings from Gulf ports
- BoJ’s Ueda warns weak yen could amplify inflation as oil prices rise
- CBA expects RBA to hike rates in March and May as inflation risks rise
- PBOC sets USD/ CNY mid-point today at 6.8959 (vs. estimate at 6.8853)
- ANZ joins banks expecting March 17 RBA rate hike as oil shock lifts inflation risks
- Oracle layoffs could reach 45000 as AI replace database, engineering roles. Job loss flood
- UK housing market cools as RICS price gauge falls to -12
- Australian inflation expectations surging higher still: 5.2% (vs. 5% prior)
- Private credit fears grow as Morgan Stanley limits redemptions and JPMorgan cuts leverage
- US launches Section 301 tariff probe targeting China, EU, Mexico, Japan and others
- US to release 172m barrels from SPR over 3 mths as US intelligence says Iran regime stable
- Oil price rocketing higher as attacks on tankers by Iran escalate. US stocks dropping.
- Oil price leaps higher on news of 2 tankers attacked in the Gulf
- Reports of tanker attack in southern Iraq
- Trump weighs emergency powers to restart California offshore oil production
- G7 explores ship escorts in Gulf as Middle East war threatens energy supply routes
- investingLive Americas FX news wrap 11 Mar: Yields climb despite CPI coming in line.Oil up
- Stocks finish mixed as energy surges and yields rise
- EU warns that the US war on Iran could push EU inflation above 3%
At a glance:
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Brent crude oil surged above $100 as Iran intensified attacks on shipping across the Gulf.
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Three tankers carrying Iraqi crude were reportedly struck by Iranian explosive boats off Basra and caught fire.
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Drone strikes in Oman forced evacuations at the Mina Al Fahal export terminal (~1m bpd capacity).
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The IEA announced a record 400m-barrel strategic oil release, with the U.S. contributing 172m barrels.
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Despite the intervention, supply disruptions and shipping risks pushed crude prices higher.
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Equities fell as rising oil lifted global inflation and interest rate expectations. Japan’s Nikkei is down more than 2%.
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U.S. Fed funds futures now price only about 26bp of rate cuts for 2026.
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U.S. intelligence says Iran’s leadership remains stable despite weeks of strikes.
Oil markets dominated the session as Iran stepped up attacks on shipping and energy infrastructure across the Gulf, pushing crude prices back above the $100-per-barrel mark and heightening fears of a major supply disruption.
Brent crude surged after reports that multiple tankers had been struck in Iraqi waters and that energy infrastructure in Oman had been hit by drone attacks. The escalation added to mounting security risks across one of the world’s most critical oil shipping corridors.
In one of the most dramatic incidents overnight, three oil tankers carrying Iraqi crude were reportedly struck by explosive-laden Iranian speed boats near Basra. The vessels were said to have caught fire and were reportedly leaking burning oil into surrounding waters. Iraqi security officials said the attacks occurred in territorial waters and prompted a halt to operations at nearby oil ports.
The attacks came as Iran continued to target merchant vessels across Gulf shipping lanes, including in waters around the Strait of Hormuz. Iranian forces earlier warned that oil prices could surge toward $200 per barrel as the conflict escalates.
Markets had initially hoped that coordinated action by major economies might help stabilize prices. The International Energy Agency announced plans to release 400 million barrels of oil from strategic reserves in what would be the largest coordinated emergency release in history. The United States said it will contribute 172 million barrels from its Strategic Petroleum Reserve beginning next week, with deliveries expected to take roughly 120 days.
However, the scale of supply disruptions and growing shipping risks appear to be overwhelming the stabilizing effect of the reserve release for now.
Energy infrastructure in Oman also came under pressure. Drone strikes triggered large fires at the Mina petroleum facility near the Port of Salalah, while authorities evacuated vessels from the nearby Mina Al Fahal oil export terminal as a precaution. Mina Al Fahal handles roughly one million barrels per day of Omani crude exports and is one of the few regional export hubs located outside the Strait of Hormuz.
Financial markets reacted to the renewed supply shock. Equities declined as the surge in oil prices raised concerns about inflation and global borrowing costs.
In rates markets, U.S. Fed funds futures extended their slide, with traders now pricing only around 26 basis points of interest rate cuts for this year.
Meanwhile, U.S. intelligence assessments suggest Iran’s leadership remains firmly in control despite nearly two weeks of U.S. and Israeli strikes, indicating the conflict could continue for longer than markets initially expected.
One of the epic fires on a hit tanker in Iraqi waters.
This article was written by Eamonn Sheridan at investinglive.com.
