Public Markets 3d Briefing
×Last updated: March 13, 2026, 10:31 PM ET
Energy & Commodities
Oil futures surged above $100 wsj.com for the second straight session, ending at the highest level in over three years as Middle East conflict disrupted supply chains. Brent crude settled at $100.46 wsj.com Thursday, continuing a sharp climb despite coordinated strategic reserve releases. The war in Iran bloomberg.com has pushed crude to unprecedented volatility, with hedge funds turning their most bullish on Brent oil since 2020 amid the conflict. Heating oil prices bloomberg.com surged above $5 a gallon, the highest since November 2022, as the war strains global diesel and crude flows critical for home heating. Total Energies shut down production wsj.com in Qatar, Iraq, and UAE offshore, representing about 15% of the company's total output. The conflict's ripple effects wsj.com are snarling trade far from the Middle East, with Thailand's oil refiner making a rare purchase of North Sea Forties crude from Trafigura as Asian processors scramble for alternatives to Middle Eastern supplies stuck in the Persian Gulf.
Market Volatility & Trading
Traders are facing some of the wildest commodity trading wsj.com on record, with oil prices whipsawing and market swings creating chaos. It was 1 a.m. in London when markets jarred Michael Brown awake bloomberg.com, his phone buzzing with alerts as Brent crude futures experienced extreme volatility. The rapid surge in oil prices has jolted one of the most popular systematic strategies bloomberg.com touted by big banks on Wall Street, worth $134 billion. Market stress is building at the fastest pace bloomberg.com since last year's tariff shock, as the war pushes oil prices higher, drives up borrowing costs, and strengthens the dollar. Equity traders are bracing for more short-term jitters bloomberg.com as war rages on, with weeks of further volatility expected before any sense of calm returns to global markets.
Fixed Income & Corporate Debt
U.S. investment-grade bond sales came close to yet another record bloomberg.com as Middle East war, rising yields, and oil prices barely deterred corporate borrowers. The London Stock Exchange Group is seeking to sell up to $3 billion bloomberg.com of high-grade US corporate bonds as soon as early next week. TD Securities believes now is the time for investors to consider taking on more risk bloomberg.com and buying corporate bonds as valuations improve. Meanwhile, Amazon and other blue-chip borrowers bloomberg.com are testing investor appetite amid geopolitical uncertainty. Wall Street is pitching bond alternatives bloomberg.com as traditional hedges disappoint, with buffer ETFs gaining traction among investors frustrated with conventional fixed-income strategies.
Geopolitical & Economic Impact
The war in Iran has India scrambling to keep stoves lit nytimes.com for cooking as the country relies on huge quantities of cooking gas normally shipped from the Persian Gulf. Saudi Arabia's race to bypass the Strait of Hormuz has led to a buildup of oil supertankers bloomberg.com waiting off the kingdom's Red Sea coast. Angola's central bank kept its benchmark rate at 17.5% bloomberg.com, pausing for the first time since August after oil prices surged because of the US-Israel war on Iran. The conflict is threatening global food supply bloomberg.com as farmers across Asia and Europe face fuel scarcity needed to operate essential agricultural equipment. South Africa's stock benchmark has fallen 10% since late February bloomberg.com as investors pull away from overheated markets while conflict in the Middle East drags on.
Technology & AI
Nvidia is preparing to launch AI 'inference' chips ft.com to counter rising challengers as spending shifts from training to running AI models. Jensen Huang will unveil new products ft.com at the GTC event next week. Elon Musk is drawing on his SpaceX playbook bloomberg.com by having xAI taken over ahead of the orbital launch company's initial public offering, positioning the combined business for a burst of growth. However, Musk has pushed out more xAI founders ft.com as the AI coding effort falters, raising questions about the startup's direction.
Private Markets & Investment
A Blue Owl Capital fund is urging investors to reject bloomberg.com a share purchase offer led by Boaz Weinstein's Saba Capital Management, saying the offer price is too low. Private equity investors would have been better off in public markets bloomberg.com over the last five years, even when gains from the Magnificent 7 stocks are stripped out. Brookfield Asset Management is seeking a $800 million loan bloomberg.com to back its proposed purchase of air cargo specialist World Freight Co. The distressed debt shop Oaktree says the moment to scoop up credit assets bloomberg.com in droves isn't here yet as global credit markets remain relatively resilient.
Real Estate & Infrastructure
BlackRock is donating $100 million wsj.com to trade-worker training as part of an infrastructure-investing push, telling lawmakers that trillions are needed to build out infrastructure. President Trump signed executive orders targeting housing affordability wsj.com as part of a broad effort to reach voters frustrated with homeownership costs. Standard Bank Group reported record profit bloomberg.com as a growing client base bolstered fee and commission income, and market volatility drove trading revenue.
Legal & Regulatory
A judge temporarily blocked nytimes.com the Trump administration's demand for student race data after Democratic attorneys general sued to overturn the new policy. The Justice Department's subpoenas to the Federal Reserve nytimes.com were thrown out by Judge James E. Boasberg, crippling its pursuit of Trump's rivals. A judge quashed Justice Department subpoenas wsj.com to the Fed, dealing a blow to investigations targeting Jerome H. Powell. The UK government is under fire over 'bungled' crypto ISA policy ft.com, with digital investments restricted to niche Innovative Finance ISAs from next month.
Health Care & Pharmaceuticals
CVS Health's Aetna will pay $117.7 million wsj.com to resolve False Claims Act allegations, accused of submitting false patient diagnosis data for Medicare Advantage Plan enrollees to get higher monthly payments. Eleven medical organizations advised changes to preventive cardiac care nytimes.com that could markedly reduce heart attacks and strokes. The EPA is moving to weaken limits on ethylene oxide nytimes.com, a gas crucial for sterilizing medical devices but linked to several types of cancer with long-term exposure.
Metals & Mining
Iron ore is headed for its biggest weekly gain bloomberg.com in over a year after China's state-backed buyer moved to expand restrictions on BHP Group products. China's state-backed iron ore trader has told steel mills it's temporarily easing bloomberg.com restrictions on one of BHP's grades after bans against the mining giant sent prices soaring. South African miner Samancor Chrome is pressing ahead with job cuts bloomberg.com even after the government and state power utility agreed to lower electricity prices for its smelters.
International Trade & Supply Chains
Foreign investors have urged Vietnam's government to resolve bloomberg.com a long-running dispute over payments to solar and wind power projects, warning of potential legal action. The European Commission is set to suspend some duty-free sugar imports bloomberg.com for at least a year to help stabilize prices within the bloc. Brazil's state-controlled oil giant Petroleo Brasileiro raised domestic diesel prices bloomberg.com just a day after the government announced federal tax breaks on fuels to shield consumers from surging costs.