06 Market

Blurb:

Markets on Wall Street retreated and oil prices jumped another five per cent again early Thursday as the war in Iran approached its second week with no indication that the United States and Israel were ready to scale back their attacks.

Futures for the S&P 500 lost 0.5 per cent before the opening bell, while futures for the Dow Jones Industrial Average were 0.6 per cent lower. Nasdaq futures were also down 0.5 per cent. On Wednesday, the Dow declined 0.6 per cent to its lowest level the year.

Oil prices initially shot more than nine per cent higher as supply concerns worsened with Iranian attacks on commercial shipping around the Strait of Hormuz. The U.S. campaign of airstrikes in Iran is now in its 13th day.

Blurb:

Oil prices rose back above $100 and stocks sank Thursday as Iran’s attempts to hit supplies in the Middle East and bring down the global economy overshadowed a record release of strategic crude reserves by the International Energy Agency.

Stock markets in Asia closed down Thursday and European markets opened with losses as investors saw few signs the U.S.-Israeli war with Iran would end soon, despite President Trump’s repeated assurances that it would.

U.S. Energy Secretary Christopher Wright announced on Wednesday that the U.S. would release 172 million barrels of oil from its Strategic Petroleum Reserve, while the International Energy Agency — which has 32 member nations, including the U.S. — announced it would release 400 million barrels from its own reserves.

Blurb:

With jagged cliffs rising from the Arabian Sea, the Strait of Hormuz is striking in its scenery — and these days, its emptiness. This resource superhighway, which normally hosts more than a hundred of the world’s largest oil and liquid natural gas (LNG) tankers every day, has seen no more than a handful all week.

They are the brave ones, daring to run these front lines where U.S. and Iranian naval forces face off. At least 14 commercial vessels have suffered some kind of violent incident, leaving at least eight mariners dead.

Blurb:

An emergency meeting has been called amid fears over a severe global oil shortage, with petrol prices already surging in the UK. Over 30 members will “assess the current security of supply and market conditions to inform a subsequent decision on whether to make emergency stocks […] available to the market,” IEA Executive Director Fatih Birol said in a statement.

Oil prices dropped by more than 11% as markets began anticipating a release of emergency oil reserves, a sharp reversal after prices had surged to nearly $120 per barrel on Monday following the supply disruption. Fatih Birol noted that energy ministers from the Group of Seven nations met earlier on Tuesday to discuss possible responses to the crisis.

Blurb:

The national average price for regular gas continues to soar, reaching $3.578 per gallon on Wednesday morning. The price point marks a 64-cent-per-gallon increase compared to a month ago, according to AAA.

The rise in gas prices over the last month is the largest single monthly increase since 2022, when fuel costs increased by 71 cents per gallon between February and March, according to data from the U.S. Energy Information Administration. Between the week of February 9, 2026, and March 9, 2026, the average price for regular grade gasoline rose from $2.902 per gallon to $3.502 per gallon, according to the EIA. Moreover, gas prices today are nearly 50 cents per gallon more expensive than a year ago, according to AAA.

Blurb:

Oil prices retreated Tuesday, even after Secretary of Energy Chris Wright wrongly claimed in a social media post that the U.S. Navy had escorted a tanker through the Strait of Hormuz.

“The U.S. Navy has not escorted a tanker or a vessel at this time,” White House Press Secretary Karoline Leavitt told reporters Tuesday.

U.S. crude oil fell 11.94% to close at $83.45 per barrel. Brent crude, the global benchmark, lost 11.28% to settle at $87.80. Prices fell more than 17% immediately after Wright’s post.

Blurb:

The Trump administration is being urged to tackle imported generic pharmaceuticals, most of which are made in China, due to national security implications.

Sen. Rick Scott (R-FL), chairman of the Senate Special Committee on Aging, wants the Commerce Department to consider using Section 232 national security tariffs on imported generic medicines and their ingredients. Such a move would frame the U.S. pharmaceutical supply chain as a national security vulnerability rather than a purely economic issue.

The push comes as policymakers recognize the United States relies heavily on China for key pharmaceutical materials, particularly the raw components of many antibiotics, while producing a small share domestically, China specialist Gordon Chang said.

“Healthcare, as evident in country after country, is best left to the market, but as China weaponizes trade—and continually threatens war—it’s clear that Washington has to temporarily implement non-market solutions to ensure that Americans have access to the medicines they need,” he wrote in a paper published on Conservative Political Action Conference’s website titled “China’s ‘Pharma Death Grip’ on America.”

Blurb:

Tokyo stocks plunged Monday, with the Nikkei index losing over 2,800 points and marking the third-largest point drop in history, as crude oil futures surged amid growing prospects of a prolonged Middle East conflict.

The 225-issue Nikkei Stock Average ended down 2,892.12 points, or 5.20 percent, from Friday at 52,728.72. The broader Topix index finished 141.09 points, or 3.80 percent, lower at 3,575.84.

On the top-tier Prime Market, the main decliners were nonferrous metal, glass and ceramics product and machinery issues.

The U.S. dollar mostly stayed in the upper 158 yen range in Tokyo amid concerns about the impact of surging crude prices.

At 5 p.m., the dollar fetched 158.45-47 yen compared with 157.79-89 yen in New York and 157.52-55 yen in Tokyo at 5 p.m. Friday.

Blurb:

Seven American service members are dead, dozens of Iranian children were murdered by a U.S. missile strike, oil is raining from the skies to poison the air for thousands of people living in Iran following an Israeli missile strike, and oil and gas prices worldwide are surging as the war has led to the blockade of a critical waterway used to transport oil.

But hey, at least we have a new Iranian leader who is in some ways worse than the murderous oppressor whom the United States killed a little over a week ago!

Indeed, Iran announced on Sunday that it replaced Supreme Leader Ayatollah Ali Khamenei with his son Mojtaba Khamenei. The 56-year-old religious cleric lost his mother, wife, and a son, as well as his father, to U.S. strikes.

Given his relative youth, Iran’s new supreme leader could have many years left to rein over the nation with an iron fist. That means we spent billions, lost American lives, and potentially decimated the global economy only to put in someone who may in fact be more extreme than the previous guy who brutally oppressed both dissenters and women.

Blurb:

 

My colleague Mary Chastain noted in her recent report that President Donald Trump’s team was weighing a takeover of the critical shipping lane of the Strait of Hormuz, through which a vast amount of global oil supply flows.

This development follows on the heels of continuing military targeting covered by our talented Vijeta Uniyal.

I would like to focus on the Strait for a moment, as I noted in an earlier report that Trump ordered a US agency to provide insurance for companies willing to sail through the region. That plan is moving forward.

The U.S. will provide reinsurance ‌for losses up to $20 billion in the Gulf region, to help provide confidence for oil and gas shippers during the war on Iran, the U.S. International Development Finance Corporation said on Friday.

President Donald Trump on Tuesday ordered the DFC to provide political risk ​insurance and financial guarantees for maritime trade in the Gulf after oil and liquefied natural gas ​tanker transit had ground to a halt in the Strait of Hormuz waterway off ⁠Iran, where ordinarily 20% of global oil moves daily.

Blurb:

President Donald Trump says a sharp increase in high oil prices is a “small price to pay” in the fight against Iran.

“Short-term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, are a very small price to pay for the U.S. and world safety and peace,” Trump wrote on Truth Social, adding, “ONLY FOOLS WOULD THINK DIFFERENTLY!”

Oil prices have risen to more than $100 a barrel since the United States launched its attack on Iran in conjunction with Israel, killing Iranian Supreme Leader Ali Khamenei and striking hundreds of Iran’s military targets.

Crude oil futures in London and New York soared almost 30% to nearly $120 a barrel on Monday, one of the biggest one-day jumps on record in early trading, threatening to raise costs of products from gasoline to jet fuel.

Blurb:

President Donald Trump has issued a warning to the Islamic Republic of Iran, stating that “death, fire, and fury will reign upon” the Persian state should they interfere with the transportation of oil through the Strait of Hormuz, a vital sea trade route.

Trump claimed that American forces would strike the country “twenty times harder” and will “make it virtually impossible for Iran to ever be built back,” he said in his post to Truth social. The IRGC still seems to think that they are in the driver’s seat, however. They claim that they will be the ones to determine the end of conflict, but that would only be true in the sense that they would choose the date of their surrender.

Trump’s message comes after an Iranian announcement claiming that they would allow nations who would expel American and Israeli diplomats to have free passage through the Strait of Hormuz.

Blurb:

The Pentagon rarely labels an American technology company a “supply chain risk.” The designation is typically reserved for firms tied to foreign adversaries or companies that could expose sensitive government systems to compromise.

But in late February, the Trump administration applied that label to one of the most prominent artificial intelligence developers in the United States.

On Monday, Anthropic, the company behind the Claude AI system, turned up the heat on the fight by filing a federal lawsuit against the Pentagon and several government agencies after the administration ordered agencies to stop using its technology across the federal system.

“Anthropic sued the Defense Department and other federal agencies on Monday over the Trump administration’s move to designate it a supply chain risk and eliminate its use across the government,” the report explains. “The company said the effort was ‘unprecedented and unlawful.’”

Blurb:

G7 nations said on Monday they were prepared to implement “necessary measures” in response to surging global oil prices but stopped short of committing to release emergency reserves, despite crude prices briefly surpassing $119 a barrel as the U.S.-Israel war on Iran continues.

“We are not there yet,” French Finance Minister Roland Lescure told reporters in Brussels, after hosting a teleconference meeting of G7 finance ministers.

A final statement following the meeting said the ministers “will continue to closely monitor the situation and developments in the energy markets and will meet as needed to exchange information and to coordinate within the G7 and with international partners.”

“We stand ready to take necessary measures, including to support global supply of energy such as stockpile release,” it added.

Oil prices hit their highest levels since mid‑2022 on Monday, propelled by fears of prolonged shipping disruption and reduced output from some major producers wary of the conflict escalating. However, the market reversed late in the day, with benchmarks falling below $90 a barrel, after President Donald Trump told CBS News that the war was “pretty much” complete.

Blurb:

Yamaha, the Japanese company that manufactures both musical instruments and audio equipment as well as motorcycles and marine equipment, is leaving Gavin Newsom’s California after being headquartered in the state for 50 years. This is yet another major business to pull up stakes and flee the Golden State, where taxes are insane, crime is out of control, and the Democrats in Sacramento hate business.

Yamaha is moving to Georgia.

Here’s more:

After nearly 50 years in Orange County, Yamaha Motor Corp. USA is packing up its headquarters — trading Cypress, California for Kennesaw, Georgia in a sweeping corporate shift that will impact about 250 workers.

The motorcycle and motorsports giant says the move is part of major “structural reforms” meant to boost profits as costs climb — including pressure from tariffs imposed during the administration of President Donald Trump and shifting market conditions.

The relocation won’t happen overnight. Yamaha plans to start the exit in late 2026, with the transition stretching into 2028.

Company spokesman Bob Starr said consolidating operations in Georgia simply makes business sense.

“In terms of efficiency, to have us all together in Georgia — all the functions of the business — it makes a lot of sense,” Starr said.

The departure marks another corporate blow for Cypress.

Blurb:

President Donald Trump’s administration has launched a federal fraud investigation into New York’s Medicaid program, citing unusually high spending levels in the state.

The probe is being led by Dr. Mehmet Oz, administrator of the Centers for Medicare and Medicaid Services (CMS).

Oz announced the probe, revealing that the numbers behind New York’s Medicaid spending raise serious questions.

“Heart surgeons are trained to look at the numbers,” Oz said in a video posted on X.

“When something doesn’t add up, you don’t ignore it; you investigate.

“Right now, the numbers coming out of New York’s Medicaid program don’t add up.”

Blurb:

Restaurants in Mumbai are switching to electric induction stoves for staff meals and looking to tweak menus to conserve gas amid a shortage commercial LPG cylinders that threatens to disrupt their business.

While the government on Tuesday issued an order to regulate supply of natural gas to essential sectors, restaurants say there is no clarity on availability of the commercial cylinders.

As a consequence, as many as 50 per cent of eateries in Mumbai may have to temporarily shut shop, say executives of industry associations.

“We have started using electric induction stove to prepare staff meals, tea and rice based dishes. Some restaurants are looking to restrict their menus,” said Pranav Rungta, vice president of National Restaurant Association of India and owner of Nksha restaurant in Mumbai.

Blurb:

WOLFSBURG, Germany: Volkswagen said Tuesday (Mar 10) that it would cut 50,000 jobs in Germany by 2030 as its profit slid to its lowest level since 2016.

“In total, around 50,000 jobs are due to be cut by 2030 across the Volkswagen Group in Germany,” Volkswagen CEO Oliver Blume said in a letter to shareholders in the firm’s annual report.

The 10-brand group had already struck a deal with unions at the end of 2024 to cut 35,000 jobs by 2030, mostly at its namesake brand, as part of plans to save 15 billion euros a year.

The additional cuts would come from premium brands Audi and Porsche as well as Volkswagen’s software subsidiary Cariad, Blume added.

Blurb:

The open-source AI agent framework OpenClaw has recently gone viral worldwide, drawing significant attention from the tech industry. By enabling AI to move beyond generating content to actually executing tasks, the framework is widely seen as a key step toward the AI agent era. A growing number of Chinese technology companies are actively exploring similar approaches and rolling out related products.

Moonshot AI was among the first to launch Kimi Claw, a native integration with OpenClaw. The product emphasizes zero-code deployment and one-click setup, while also offering free computing power subsidies for OpenClaw calls, lowering the barrier for users. The move has attracted a large influx of users and helped accelerate the company’s overseas expansion, with the number of paying international users surging and overseas revenue surpassing domestic revenue for the first time.

Blurb:

Oil prices surged past $110 a barrel on Sunday evening, topping $100 for the first time in nearly four years, as the war in the Middle East entered its ninth day with no end in sight and the Strait of Hormuz remained effectively closed to tanker traffic.

Brent crude, the international benchmark, briefly topped $110 soon after markets opened Sunday evening, while West Texas Intermediate rose to $109.05. Both benchmarks were trading around $60 a barrel in early January.

President Trump on Sunday night sought to reassure Americans that oil prices would come down in short order.

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump said on Truth Social.

Blurb:

President Donald Trump’s actions in Venezuela and Iran are the first time that any president has made any progress against China’s decades old effort to peacefully subvert the U.S.

It is no secret that China has two goals: to seize control of Taiwan and to become the lone global superpower by 2049, the centennial of the communist control over the country. China is our primary geopolitical rival, if not our mortal enemy.

Over the past few decades, China has successfully subverted the U.S. through globalization. The U.S. now depends on China for antibiotics, energy, technology hardware and vital rare earth minerals and their processing. China could shut off exports of these and other goods, and our economy, society and security would be crippled.

Yes, China would hurt itself by doing these things, but China is an iron-fisted totalitarian state where any social unrest would be much more easily (read brutally) addressed than in the U.S.

Blurb:

President Donald Trump said oil production is “beginning to flow” from Venezuela as Washington and Caracas work together to restore energy output following the capture of former Venezuelan dictator Nicolás Maduro.

Trump made the announcement in a post on Truth Social, describing cooperation between the two countries as productive.

“Delcy Rodríguez, who is the President of Venezuela, is doing a great job, and working with U.S. Representatives very well,” Trump wrote.