Futures-options traders work on the floor at the New York Stock Exchange’s NYSE American (AMEX) in New York City, U.S., March 6, 2026. REUTERS/Brendan McDermid
Brendan Mcdermid | Reuters
What you need to know today
The Iran war is showing no signs of easing, with Tehran’s new Supreme Leader Mojtaba Khamenei saying Thursday that the Strait of Hormuz closure should continue as a “tool to pressure the enemy,” in his first public statement since being appointed. The U.S. Treasury Secretary Scott Bessent, meanwhile, told Sky News that the U.S. Navy will begin escorting ships through the critical waterway as soon as “militarily possible.”
Khamenei’s comments sent oil prices soaring, with Brent crude closing above $100 a barrel for the first time since August 2022. Energy worries sent European and U.S. stocks lower, with the 30-stock Dow ending the session below the 47,000 threshold for the first time this year. Asia markets opened lower Friday.
Attacks on ships in the Persian Gulf have also intensified. Three more foreign vessels were struck Wednesday, according to the United Kingdom Maritime Trade Operations, causing a small fire onboard, though all crew were reported to be safe. That comes after two foreign oil tankers were left ablaze in Iraqi waters after having been struck near the port of Umm Qasr, close to the city of Basra, Iraq.
Both sides also have hinted that the war could go on for longer. Iran has warned the world to “get ready for oil to be $200 a barrel,” Ebrahim Zolfaqari, spokesperson for Iran’s military command, said Wednesday, according to Reuters.
Amid fears of a long-drawn war, the U.S. temporarily authorized purchases of Russian oil stranded at sea to stabilize energy markets. U.S. Treasury Secretary Scott Bessent said in a post on X Thursday that this “narrowly tailored, short-term measure” will not provide “significant financial benefit to the Russian government.”
With all signs pointing to a prolonged war that will continue to disrupt supply of commodities, markets and policymakers appear to be bracing for more impact.
And finally…
Why gold hasn’t moved since the Iran conflict — and where it could go next
Gold surged during the 12-day war with Iran last year and then gave up its gains when a ceasefire was announced. But, two weeks into the latest conflict, its price remains largely unmoved.
Several factors can explain the lack of upward momentum, including a stronger dollar and higher Treasury yields, according to Ross Norman, CEO of precious metals website Metals Daily.
— Joseph Wilkins
