Daily Market Update
Markets Sink as Iran War Escalates, Strait of Hormuz Closure Risks Global Energy Shock
13 March 2026
Today in Brief
Global markets tumbled as Middle East tensions escalated further with threats to close the Strait of Hormuz.
Oil surged again while equities and risk assets fell sharply amid rising fears of recession and energy shock.
Asia-Pacific Markets Tumble as Iran Signals Strait of Hormuz Closure Risk
Asia-Pacific markets fell sharply as oil prices surged on fears of prolonged conflict in the Middle East. Iran’s new Supreme Leader Mojtaba Khamenei reiterated that the Strait of Hormuz should remain closed, while military officials warned of expanded conflict fronts. Recession expectations rose, with market-implied probability climbing to 32%, the highest this year.
Dow Drops Over 700 Points, Hits New 2026 Low Below 47,000
The Dow Jones fell 739.42 points (1.56%) to 46,677.85, while the S&P 500 lost 1.52% to 6,672.62. The Nasdaq dropped 1.78% to 22,311.98. All major indexes hit new 2026 lows as oil surged on supply disruption fears and escalating geopolitical tensions.
Gold Rises to Around $5,110 as Inflation Concerns Offset Safe-Haven Demand
Gold rebounded to around $5,110 per ounce after a two-day decline, as investors balanced geopolitical risk against inflation pressures from rising oil prices. Expectations for Federal Reserve rate cuts continued to weaken amid persistent energy shocks.
WTI Crude Stabilizes Near $95 After Extreme Volatility
WTI crude traded near $95 per barrel after a volatile rally driven by supply disruptions and geopolitical risks. Tanker operations in the Gulf remain heavily restricted, with approximately 20% of global oil trade affected by the conflict.
U.S. Expands Section 301 Trade Probes to 60 Economies
The U.S. launched new investigations into 60 economies over forced-labor trade practices under Section 301. The move targets major trading partners including China, the EU, India, and Mexico, intensifying global trade tensions.
U.S. Temporarily Allows Purchases of Russian Oil at Sea
The U.S. authorized temporary purchases of Russian oil already in transit to stabilize global energy markets. Around 124 million barrels are currently stranded at sea, representing several days of global supply.
Iran Confirms Strait of Hormuz Closure Strategy as Pressure Tool
Iran’s leadership reaffirmed that the Strait of Hormuz remains effectively closed and will be used as leverage in the conflict. Officials also warned of potential strikes on U.S. bases in the region if hostilities continue.
India Inflation Rises to 3.21% Amid Rising Oil Risks
India’s inflation rose to 3.21% in February, driven by higher food prices and energy costs. Rising global oil prices are expected to add further inflationary pressure in coming months.
ByteDance Expands Nvidia AI Chip Access via Southeast Asia Setup
ByteDance is reportedly accessing advanced Nvidia chips through data centers in Southeast Asia, bypassing restrictions on direct exports to China. The move highlights ongoing global competition in AI infrastructure.
Adobe CEO to Step Down Amid AI Disruption Pressure
Adobe CEO Shantanu Narayen will step down after 18 years, as the company navigates major disruption from artificial intelligence. Shares fell sharply following the announcement amid concerns over strategic transition.
Ulta Beauty Warns of Global Conflict Impact on Consumer Demand
Ulta Beauty forecast weaker-than-expected annual profits, citing higher costs and uncertainty from global conflicts. The company remains cautious despite expanding international presence and premium brand partnerships.
SentinelOne Forecast Misses Estimates Amid Intense Competition
SentinelOne issued a weaker-than-expected profit forecast as competition intensifies in the cybersecurity sector. Rivalry from major players and AI-driven security shifts continue to pressure growth outlooks.
