Public Markets 8-Hour Briefing
×Last updated: March 13, 2026, 8:31 PM ET
Energy & Commodities
Oil prices settled above $100 for the second straight session, reaching the highest level in more than three years as the conflict in the Middle East continues to disrupt global supply chains. President Trump warned he would attack Iran's energy assets on Kharg Island if Tehran impeded shipments through the Strait of Hormuz, while Defense Secretary Pete Hegseth vowed to block Iran's attempt to shut down the crucial waterway. The escalating tensions have prompted Total Energies to shut down production in Qatar, Iraq, and the UAE, representing approximately 15% of the French energy company's total output. Meanwhile, retail oil traders are driving a boom in energy exchange-traded funds as institutional investors pull back, with a Thai oil refiner making a rare purchase of North Sea Forties crude from Trafigura Group as Asian processors scramble for alternative supplies.
Geopolitical Risk & Market Impact
The Iran conflict is rippling through global trade, causing market stress to build at the fastest pace since last year's tariff shock, pushing oil prices higher, driving up borrowing costs, and strengthening the dollar. Hedge funds have turned the most bullish on Brent oil since 2020 as the crude market experiences one of its most volatile weeks ever. In response to the crisis, the Trump administration has authorized Venezuela to sell fertilizers to U.S. companies, further loosening sanctions just as the Iran war tightens global supplies of critical crop nutrients. Meanwhile, the administration's move to seize oil tankers is costing the U.S. tens of millions of dollars, with the cost of maintaining just one aging ship already reaching $47 million despite claims it would be a financial boon.
Fixed Income & Credit Markets
Corporate bonds have become cheap enough to consider buying according to TD Securities, which believes now is the time for investors to take on additional risk. However, Oaktree Capital Management's Danielle Poli warns that the moment for distressed debt investors to scoop up assets in droves isn't here yet, as global credit markets remain relatively resilient. Meanwhile, the London Stock Exchange Group is planning to sell as much as $3 billion of high-grade U.S. corporate bonds as soon as early next week. In a separate development, a Blue Owl Capital Inc. fund is urging investors to reject a share purchase offer led by Boaz Weinstein's Saba Capital Management, saying the offer price is too low.
Technology & AI Developments
Nvidia is preparing to launch new AI chips focused on "inference" rather than training as spending shifts from building AI models to running them, countering rising challengers in the market. The move comes as Elon Musk's $134 billion lawsuit against OpenAI faces scrutiny, with a California judge questioning whether the claim rests on "numbers out of the air" while declining to exclude the testimony from an April trial. Meanwhile, Wall Street is pitching bond alternatives as traditional hedges disappoint, with buffer ETFs emerging as one option for investors frustrated with market volatility.
Political & Regulatory Developments
President Trump has softened his call for protesters to take over Iran, noting they risk getting shot "right through the head" after earlier comments that Iranians must seize the chance to overthrow their government. Meanwhile, a judge has temporarily blocked Trump's demand for seven years of student race data, siding with Democratic attorneys general who sued to overturn the administration's new policy. In a separate legal matter, a judge has quashed the Justice Department's subpoenas of the Federal Reserve, crippling its pursuit of Trump's rivals. The judge derided the U.S. attorney's office for pursuing a case against Jerome Powell that appeared motivated by President Trump's desire for vengeance.