Market Commentary: Thursday 12th March

Global financial markets declined after attacks on oil tankers in Iraqi waters intensified fears about the security of Middle Eastern energy infrastructure. Iraq halted operations at its oil ports, Oman evacuated a key export terminal, and Bahrain accused Iran of targeting fuel tanks. The disruptions heightened concerns about supply security and transport costs for crude, pushing investors to focus heavily on energy markets and inflation risks.

S&P 500 futures dropped 0.7%, Asian stocks fell 1.3%, and European futures slipped 0.7%, while oil prices surged above $100 per barrel before easing slightly. The conflict with Iran, now in its second week, has effectively closed the Strait of Hormuz — normally responsible for about one-fifth of global oil flows — raising the possibility that Brent crude could reach $150 per barrel if the crisis persists.

US CPI figures yesterday came in as expected, with markets having a muted reaction to the release. The current outlook is for the Fed to make just one 25-basis-point cut this year.

US Unemployment Claims are the largest scheduled release of the day.

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