Oil Tops $80, Dow Tumbles 800 Points & Markets Brace for Prolonged Iran Conflict
06 March 2026
Today in Brief
Global markets came under renewed pressure as oil surged past $80 per barrel on escalating Iran conflict risks, sending the Dow down nearly 800 points and pushing gold toward its first weekly decline in five weeks. On the corporate front, Broadcom reinforced its AI growth story, while BYD, Nike, and Marvell delivered contrasting signals on demand across their respective sectors.
Asia Markets
Story 01
Asia-Pacific Markets Trade Mixed as Oil Prices Dip After Surging Overnight on Middle East Worries
Asia-Pacific markets were mixed on Friday after Wall Street fell overnight, as the Iran conflict continued to raise fears over global energy supplies. Oil prices briefly broke through $80 per barrel overnight before easing on Friday, with Brent futures down about 1% at $84.64 and WTI last down 1.12% at $80.12. On the trade front, New York Attorney General Letitia James and the top prosecutors of 23 other states sued to block President Trump's global tariff regime — following a U.S. Court of International Trade ruling that companies were entitled to tariff refunds on duties struck down by the Supreme Court.
U.S. Markets
Story 02
Dow Tumbles Nearly 800 Points as Surging Oil Prices Raise Fears About the Economic Toll of Iran Conflict
Stocks resumed their decline on Thursday after a one-day respite, as concerns over the Iran war flared up again with U.S. crude topping $80 per barrel. The Dow Jones Industrial Average declined 784.67 points (1.61%), closing at 47,954.74. The S&P 500 fell 0.56% to 6,830.71, while the Nasdaq Composite dipped 0.26% to 22,748.99. The sell-off was led by Boeing, Caterpillar, and other names most exposed to a global economic slowdown. WTI crude futures surpassed $80 per barrel — their highest level since July 2024 — after Iran reported hitting an oil tanker with a missile.
Commodities
Story 03
Gold Rises to Around $5,130 Per Ounce but Remains on Track for First Weekly Decline in Five Weeks
Gold rose to around $5,130 per ounce on Friday but remained on track for its first weekly decline in five weeks, as a stronger U.S. dollar and higher Treasury yields offset the geopolitical risk premium. While the Middle East conflict boosted safe-haven demand, surging oil prices raised inflation concerns and prompted traders to scale back bets on Federal Reserve rate cuts. Markets are now pricing in just one rate reduction this year, down from two earlier in the week. Recent U.S. data also signalled strong economic momentum, including lower jobless claims, stronger productivity, and faster-than-expected services sector growth.
Energy
Story 04
WTI Crude Futures Fall More Than 1% to Around $79.6 Per Barrel on Friday
WTI crude futures fell more than 1% to around $79.6 per barrel on Friday, paring gains from the prior session after the Trump administration signalled it is considering options to address the surge in oil and gasoline prices. Potential measures include releasing crude from U.S. emergency reserves, granting waivers on fuel-blending requirements, and the U.S. Treasury trading oil futures. Despite Friday's pullback, oil prices have jumped nearly 20% this week, putting them on track for the largest weekly advance since 2022, as the Middle East conflict effectively halted shipments through the Strait of Hormuz.
Geopolitics
Story 05
U.S. Offers India a 30-Day Waiver for Buying Russian Oil as Iran War Deepens Energy Supply Worries
The U.S. issued a 30-day waiver to India on Thursday for purchasing crude from Russia, as the Iran war upended global energy supplies. The move follows the earlier revocation of 25% "penalty" tariffs on India for buying Russian crude. WTI surged 8.51% to close at $81.01 per barrel on Thursday — its biggest single-day gain since May 2020 — while Brent rose 4.93% to settle at $85.41. The waiver is expected to help ease global supply concerns, as India is the world's fourth-largest refiner and fifth-largest exporter of petroleum products. Both benchmarks fell over 1% on Friday.
Geopolitics
Story 06
UAE Mulls Freezing Iranian Assets as Middle East Conflict Escalates
The United Arab Emirates is considering cutting off Iranian access to billions of dollars held in the Gulf state, the Wall Street Journal reported Thursday. The move could cripple Tehran's access to foreign currency and global trade networks at a moment when its economy has been deteriorating under the weight of military conflict with the U.S. and Israel. Emirati authorities have warned Iranian officials that such a move was under consideration, though no final decision has been reached. The UAE, which has long sought to balance its alliance with the U.S. and its relationship with neighbouring Iran, appears to be reconsidering its position following Iranian strikes on Gulf territory.
U.S. Politics
Story 07
Justice Department Publishes Missing Epstein Files Involving Uncorroborated Claim About Trump
The Justice Department on Thursday released additional Jeffrey Epstein files containing uncorroborated accusations made by a woman against President Trump, which the department said had been mistakenly withheld during an earlier review. The accuser was interviewed by the FBI four times as it sought to assess her account, but a summary of only one of those interviews had been included in the originally released files. The department said it was working to determine whether any records were improperly withheld, following reports by several news organizations that the initial tranche of documents was incomplete.
U.S. Politics
Story 08
Trump Hints U.S. Will Turn to Cuba After Iran: 'Just a Question of Time'
President Trump on Thursday suggested his administration will turn its attention to Cuba once military operations in Iran are concluded. "We think that we want to fix — finish this one first, but that will be just a question of time," Trump said at the White House during a visit by Inter Miami CF, the 2025 MLS champions. The comments signal that Trump, less than a week into an escalating Middle East conflict, is already considering additional major foreign policy moves. Trump also praised Secretary of State Marco Rubio, saying he has been doing a "fantastic job" on Cuba, to applause from the Miami-heavy audience.
AI & Chips
Story 09
Broadcom Stock Rallies as CEO Tan Makes Strong Case for Why AI Growth Will Last
Broadcom's stock surged nearly 5% on Thursday as CEO Hock Tan touted strong demand for the company's chips amid the AI boom. Tan told analysts he anticipates AI chip revenue in 2027 that is "significantly in excess of $100 billion" as demand mounts for custom silicon, far surpassing many bullish Wall Street estimates. The company is nearing 10 gigawatts of capacity across six customers. Goldman Sachs analysts noted Broadcom's leadership in AI networking and custom silicon enables the lowest inference cost for hyperscaler customers. The comments came alongside better-than-expected quarterly results in which AI revenue more than doubled.
Autos & EV
Story 10
BYD Sales Plunge in First Two Months of 2026 as EV Giant Loses Ground to Competitors
BYD lost ground to domestic competitors over the first two months of 2026 as overall demand in China's electric vehicle market slowed. The world's largest EV manufacturer's combined January and February sales volume fell by roughly 36% year-on-year, adjusted to account for the seasonal slowdown during the two-week Chinese New Year holiday in mid-February. In contrast, China's other EV automakers generally reported rising sales over the same period, with Leapmotor and Xiaomi both posting significant year-on-year increases — highlighting a notable shift in competitive dynamics within the market.
Corporate
Story 11
Nike Records $300 Million in Restructuring Charges After Recent Layoffs
Nike will record approximately $300 million in pre-tax charges related to severance costs from a restructuring push, as CEO Elliott Hill looks to contain a margin bleed and refresh the product mix to revive sales. The company cut about 775 jobs in the U.S. in January to speed up automation, while Nike-owned Converse also cut corporate roles to realign its operating model. The charges — mostly related to employee severance — will be recognized in the third quarter of fiscal 2026, and Nike warned additional actions may result in further charges, according to a regulatory filing on Thursday.
AI & Chips
Story 12
Marvell Forecasts First-Quarter Revenue Above Estimates on AI Chip Demand
Chip designer Marvell Technology forecast first-quarter revenue above Wall Street estimates on Thursday, signalling rising demand for custom semiconductors used in data centers to support AI applications. Shares rose around 6% in extended trading. The company expects revenue of around $2.40 billion (±5%) for the first quarter, above the analyst consensus of $2.27 billion. Marvell and rival Broadcom help cloud-computing companies design custom chips tailored to data-center workloads — a fast-growing business as hyperscalers seek alternatives to Nvidia's general-purpose AI processors.
