Public Markets 8-Hour Briefing
×Last updated: March 13, 2026, 5:30 PM ET
Energy Markets Turmoil
Oil futures surged 3.8% to close above $100 for the second straight session, hitting the highest level in more than three years as Middle East conflict disrupts global supply chains. Total Energies halted production across Qatar, Iraq, and UAE offshore facilities, representing approximately 15% of the company's total output. The conflict has triggered a rush for alternatives as a Thai refiner made a rare purchase of North Sea Forties crude from Trafigura, while Saudi Arabia accelerates Red Sea diversions to bypass the Strait of Hormuz, causing a buildup of supertankers off the kingdom's coast.
Market Stress Indicators
Market volatility approached 2025 tariff-shock levels as the Iran war pushes oil prices higher, drives up borrowing costs, and strengthens the dollar. The rapid oil price surge has jolted quant strategies, with a $134 billion complex of systematic trades experiencing significant stress. Meanwhile, retail oil traders are driving ETF demand as institutional investors retreat, with Anthony Sandford timing his re-entry after US warplanes first appeared over Tehran in late February.
Geopolitical Developments
The Trump administration authorized Venezuelan fertilizer exports to US companies, further loosening sanctions as the Iran war tightens global crop nutrient supplies. In a separate move, the administration readied plans to dismantle NCAR, proposing to transfer a supercomputer to the University of Wyoming and shift a space weather lab to private industry. Brazil's state-controlled Petrobras raised diesel prices just one day after the government announced federal tax breaks on fuels to shield consumers from surging costs.
Corporate & Financial News
BlackRock's $220 billion model platform maintained bullish stance on US equities despite geopolitical tensions roiling asset classes. Hims & Hers Health headed for record weekly gains as a new partnership with Novo Nordisk fueled optimism about the company's weight-loss drug prospects. Meanwhile, Vivid Seats' debt sank deeper into distress after the ticket reseller reported earnings that missed estimates and guided for weaker results.
Regulatory & Legal Developments
Judge James E. Boasberg blocked Justice Department subpoenas targeting Federal Reserve Chair Jerome Powell, criticizing the US attorney's office in Washington for pursuing what appeared to be a politically motivated case. In London, a court blocked MFS CEO's bid to install preferred officials to oversee the insolvency of a collapsed property lender unit. The UK's Companies House suspended online filing after a glitch put personal data at risk, allowing potential fraudsters to change details and upload accounts.
International Trade Disruptions
The conflict is rippling through supply chains far beyond the Middle East, with Total Energies' production halts affecting global energy flows. China's state-backed iron ore trader temporarily eased restrictions on BHP Group's grades after bans sparked market concerns. South Africa's mineral exploration investment fell for the seventh consecutive year, despite government ambitions to reverse the decline.
Technology & Innovation
Elon Musk pushed out more xAI founders as the AI coding effort falters, with Tesla and SpaceX managers sent to review work at the struggling startup. SpaceX investor Baillie Gifford hailed the pre-IPO takeover of xAI, positioning the combined business for growth ahead of the orbital launch company's initial public offering. The rapid oil price surge has complicated ETF investment strategies, with experts breaking down optimal approaches to commodity exposure amid war in the Gulf.
Labor & Employment
Starbucks Workers United proposed new contract terms, requesting a minimum starting wage of $17 per hour plus 4% annual raises. Meanwhile, a London court heard that financier Crispin Odey told a receptionist he was in "deep trouble" after she alleged he tried to kiss her, following a final written warning about contact with female staff.
Economic Indicators
A methodological change in inflation data contributed to a better-than-expected inflation report, prompting questions from economists about data reliability. Tepid economic data boosted rate-cut hopes, with US stocks rising at the opening bell as traders priced in increased Federal Reserve easing probability. The combination of geopolitical tension and economic uncertainty has complicated traditional hedging strategies, with Wall Street pitching bond alternatives as conventional hedges disappoint.