Public Markets 8-Hour Briefing
×Last updated: March 12, 2026, 9:31 PM ET
Energy & Commodities
Brent crude settled above $100 a barrel for the first time since August 2022 as millions remain trapped in the Persian Gulf, creating the biggest oil market disruption in history. The US Treasury announced plans to ease Russian oil sanctions following escalating energy prices, while analysts brace for lasting turmoil in the Gulf region. US officials reported Iran is laying mines in the Strait of Hormuz, through which a fifth of global oil passes, as CME CEO Terry Duffy warned any US intervention in oil futures would be a "biblical disaster" eroding market confidence. Gold edged higher amid the Middle East conflict as investors sought safe-haven assets, while California oil drillers resorted to trucking crude 50 miles after a key pipeline idled.
Market Volatility & Trading
A rush into leveraged exchange-traded funds and elevated borrowed cash for stocks revived fears of a fresh Asian rout, reminiscent of last week's market volatility. The private-credit market faces an exodus of funds as investors requested to cash out 14% of Cliffwater's $33 billion fund while Morgan Stanley capped withdrawals. In corporate news, Meta delayed rollout of its new AI model after performance concerns, while Jennifer Garner's organic kids snacks company fell 9.8% in its first earnings report after forecasting slowing sales growth. Ulta Beauty expects growth to slow to 6%-7% this fiscal year as consumers focus on value, down from 9.7% growth the prior year.
Currency & Trade Dynamics
Singapore disputed US trade surplus data, claiming it ran a trade deficit with the US in 2024, challenging Washington's figures suggesting the city-state contributed to the US trade deficit. Institutional investors bought US dollars at the strongest level in nearly two years as Middle East conflict drove demand for safe