Public Markets 8-Hour Briefing
×Last updated: March 13, 2026, 9:30 PM ET
Energy &Commodities
Oil futures dropped 1.3% in early Asian trade after OPEC+ signaled potential output increases, while gold held near $2,340 as a weakening dollar offset risk-on sentiment. A surge in aluminum prices pushed China Hongqiao's Zhang Bo past the $48 billion mark, cementing his position among Asia's wealthiest industrialists. Meanwhile, Brent Crude settled above $100 for the second straight session, ending the day at the highest level in more than three years as the conflict in the Middle East drags on and world leaders struggle to contain energy market volatility. Hedge funds turned the most bullish on Brent oil in six years at the outset of one of the crude market’s most volatile weeks ever, while Total Energies shut production in Qatar, Iraq, and UAE offshore, representing about 15% of the company’s total output. The Iran war is now disrupting global trade, with supply chains snarled far from the Middle East, and U.S. warplanes first casting shadows over Tehran in late February triggering a scramble among retail oil traders.
Fixed Income & Credit Markets
Japanese government bonds extended gains tracking overnight Treasury rallies as traders increasingly price in a September Fed rate cut. U.S. airline bonds weakened after jet fuel costs spiked 8% on Middle East supply fears, and Chicago's planned muni bond sale is testing investor appetite amid geopolitical uncertainty. TD Securities believes now is the time for investors to consider taking on a little more risk and buying corporate bonds, while LSEG looks to sell as much as $3 billion of high-grade US corporate bonds as soon as early next week. Oaktree Capital Management’s Danielle Poli says the moment for the distressed debt shop to scoop up the asset class in droves isn’t here yet as global credit markets remain relatively resilient, and Blue Owl Capital Inc. urged investors to reject a share purchase offer led by Boaz Weinstein’s Saba Capital Management, saying the offer price was too low.
Geopolitical & Macroeconomic Impact
The Trump administration authorized Venezuela to sell fertilizers and other petrochemicals to US companies, further loosening sanctions just as the Iran war tightens global supplies of critical crop nutrients. Trump softened his call for protesters to take over Iran, stating they risk getting shot "right through the head," a change in tone from earlier comments. A $10 billion fee for brokering the TikTok deal is set to reach the Trump administration, while the U.S. vowed to block Iran’s attempt to shut down the Strait of Hormuz, deploying about 2,500 Marines to the Middle East. The Iran war is now disrupting global trade, and U.S.-made launchers fired missiles from Bahrain toward Iran, a video shows, though it's unclear who launched them. Seizing tankers costs the U.S. tens of millions of dollars already, while government controls were responsible for crises in the 1970s.
Other Markets & Developments
A judge quashed the Justice Department’s subpoenas of the Fed, crippling its pursuit of Trump’s rivals. The Iran conflict is driving market stress to levels not seen since last year’s tariff shock, and a new Trump envoy stirred fears of U.S. meddling in Brazil’s elections. Diane Warren, with 17 Oscar nominations, remains chasing her first win, while a tech company made a deepfake of her mind, prompting a lawsuit. Earlier cholesterol testing can reduce heart attacks and strokes, per new guidelines, and retail oil traders sparked an ETF boom amid institutional slump.