Daily News
Oil Spikes Above $112 as Trump Vows More Iran Strikes; Army Chief Fired Mid-War
03 April 2026
Today in Brief
Oil surged above $112 a barrel after Trump pledged to intensify strikes on Iran, before paring gains on reports that Iran and Oman are drafting a Hormuz transit protocol — sending stocks on a wild intraday swing.
On the home front, Trump fired Attorney General Pam Bondi and Army Chief of Staff Randy George, while Amazon, Tesla, and Microsoft all faced fresh market and operational headwinds.
Asia-Pacific markets mostly rise in Easter trade on hopes for Hormuz reopening
Asia-Pacific markets traded mostly higher Friday, after Iran and Oman were reportedly drafting a protocol to "monitor transit" through the Strait of Hormuz, raising hopes that the crucial waterway could partially reopen. Tanker traffic through the key oil-shipping route "should be supervised and coordinated" with the two countries, said Kazem Gharibabadi, Iran's deputy foreign minister of legal and international affairs, according to Iranian state news agency IRNA. Oil prices surged Thursday before markets closed for the Good Friday holiday. U.S. crude futures jumped almost 12% to trade at $112.06 per barrel, while global benchmark Brent was up around 8% at $109.24.
Dow closes lower as Trump comments dampen traders' hopes for Iran war ending
The Dow Jones Industrial Average slipped Thursday in volatile trading as oil prices surged following President Donald Trump's remarks that the Iran war would continue for weeks. The blue-chip Dow declined 61.07 points, or 0.13%, closing at 46,504.67. The S&P 500 advanced 0.11% to end at 6,582.69, and the Nasdaq Composite gained 0.18% to settle at 21,879.18. The three major indexes ripped higher from their steep losses earlier in the day to briefly turn positive after Iranian state media said that the Middle Eastern country is working with Oman on a protocol to "monitor" ships passing through the Strait of Hormuz. At their lows, the Dow was down more than 600 points, or 1.4%, while the S&P 500 and Nasdaq were down 1.5% and 2.2%, respectively.
Gold prices slid over 2% to around $4,670 per ounce, snapping a four-day winning streak
Gold prices slid over 2% to around $4,670 per ounce, snapping a four-day winning streak, as the US dollar and oil prices surged following President Donald Trump's vow to intensify attacks on Iran. His remarks, confirming the US had "nearly accomplished" its military objectives but offering no end in sight to the month-long conflict, sparked inflation fears and reinforced expectations of higher interest rates. In a Wednesday address, President Trump declared that US forces had "nearly achieved" their objectives in Iran, yet stopped short of providing a timeline for ending the month-long war, instead vowing to hit Iran "extremely hard" in the coming "two to three weeks."
WTI crude oil futures soared over 11% to cross $112 per barrel, the highest in nearly four years
WTI crude oil futures soared over 11% to cross $112 per barrel, the highest in nearly four years, regaining traction on a volatile session as markets reconsidered the magnitude of supply risks from the ongoing war in the Persian Gulf. US President Trump pledged to escalate attacks on Iran and their infrastructure in the next weeks if Tehran does not accept American ceasefire conditions, prompting Tehran to retaliate the aggressive rhetoric. Earlier in the session oil prices have eased on reports that Oman and Iran were coordinating a toll for tankers crossing the Hormuz chokepoint, but optimism over the outlook of normalized supplies was short-lived. Consequently, dated Brent benchmarks rose to past $140 per barrel, the highest since 2008.
Iran and Oman drafting protocol to 'monitor' Hormuz Strait traffic: IRNA
Iran and Oman are drafting a protocol to "monitor transit" through the Strait of Hormuz, Iranian state news agency IRNA reported Thursday morning, citing an official. Tanker traffic through the key oil-shipping route "should be supervised and coordinated" with the two countries, said Kazem Gharibabadi, Iran's deputy foreign minister of legal and international affairs, according to a translation of IRNA's report. "Of course, these requirements will not mean restrictions, but rather to facilitate and ensure safe passage and provide better services to ships that pass through this route," Gharibabadi reportedly said. U.S. stock indexes, which were trading sharply lower Thursday morning after President Donald Trump signalled that the Iran war will continue for weeks to come, suddenly turned higher following IRNA's report.
Trump fires Attorney General Pam Bondi
President Donald Trump fired Attorney General Pam Bondi on Thursday. Bondi's dismissal comes after reports that Trump was increasingly unhappy about her handling of Department of Justice files about the late sex offender Jeffrey Epstein and the DOJ's failure to successfully prosecute several of the president's political enemies. Deputy Attorney General Todd Blanche will serve as acting attorney general, said Trump, who, in a social media post, called his former criminal defense lawyer Blanche a "very talented and respected Legal Mind."
Trump administration sets up to 100% tariffs on some imported drugs, with many companies exempt
The Trump administration on Thursday imposed new tariffs on branded drugs from pharmaceutical companies that have not struck deals with the president to lower their U.S. drug prices — a long-awaited move that will likely only affect a small portion of drugmakers. "We need to make sure that our drug supply is protected, secure and domestic," a senior administration official, who declined to be named, told reporters on Thursday. "That is what we're doing." Also on Thursday, the Trump administration changed how tariffs are calculated on imported raw materials made from steel, aluminum, and copper, and on imported products that contain those metals. Patented medications and their active ingredients face a 100% tariff under the pharmaceutical plan, but there are pathways for drugmakers to reduce or avoid the levies, the official said.
Army chief of staff fired by Hegseth, sources say
U.S. Army Chief of Staff Randy George was fired on Thursday by Defense Secretary Pete Hegseth, three U.S. defense officials told Reuters, in the latest purge among the Pentagon's most senior ranks. Even as Hegseth, a former Fox News host, has moved quickly to reshape the department, firing a general during wartime is nearly without precedent. The Pentagon confirmed that George, who had more than a year left in his term, "will be retiring from his position as the 41st Chief of Staff of the Army effective immediately." The Pentagon said in a statement it was grateful for George's decades of service. "We wish him well in his retirement," it said. Two of the officials, speaking on the condition of anonymity, said Hegseth has also fired General David Hodne, who leads the Army's Transformation and Training Command, and Major General William Green, head of the Army's Chaplain Corps.
Amazon to add 3.5% fuel and logistics surcharge for sellers as Iran war drives up energy prices
Amazon is adding a 3.5% "fuel and logistics-related surcharge" to fees it collects from third-party sellers who use its fulfilment services, as the war in Iran stretches into its fifth week, driving up oil prices. The surcharge will take effect on April 17, for sellers in the U.S. and Canada, the company wrote in a note to sellers on Thursday that was viewed by CNBC. "Elevated costs in fulfilment and logistics have increased the cost of operating across the industry," Amazon wrote. "We have absorbed these increased costs so far. However, similar to other major carriers, when costs remain elevated, we implement temporary surcharges on our fulfilment fees to recover a portion of the actual cost increases we are experiencing." Amazon spokesperson Ashley Vanicek said in a statement that the surcharge is "meaningfully lower" than levies applied by other major carriers.
Tesla's stock suffers steepest drop of 2026 on disappointing deliveries report
Tesla shares slid more than 5% on Thursday, their worst slump of the year, after the company's deliveries and production report for the first quarter showed a drop from the prior period, with mild growth from a year earlier. Tesla has recorded annual declines in the past two years. Analysts were expecting 370,000 deliveries, according to StreetAccount estimates, while a company-compiled consensus by Tesla, published on March 26, said the average estimate was for 365,645 deliveries in the first quarter. Deliveries improved 6% from a year ago, when Tesla reported 336,681. The first quarter of 2025 marked a decline of 13% over the first quarter of 2024. Tesla's total deliveries for 2025 fell to 1.64 million from 1.79 million in 2024. With Thursday's drop, the stock is down 20% in 2026.
Coinbase clears key regulatory hurdle in bid to bolster its stablecoin business
Coinbase received conditional approval from the U.S. Office of the Comptroller of the Currency, or OCC, to operate as a trust bank, the company said Thursday. If finalized, the crypto exchange will be able to operate payment products in addition to its custody business under federal supervision, Coinbase's chief legal officer, Paul Grewal, told CNBC. "Over the long haul we will be able to explore, with the OCC, offering not just custody products but also other infrastructure products, particularly around payments, that we think will expand and extend crypto payments in all sorts of new and interesting and important directions," Grewal said.
Microsoft executive touts Copilot sales traction as AI anxiety weighs on stock
Microsoft has made greater inroads with sales of its Copilot artificial intelligence add-on for business clients after facing criticism for relatively low adoption in recent months, executive Judson Althoff told employees on Thursday. Software stocks including Microsoft have come down this year on fears that generative AI models could heighten competition. Microsoft, whose stock sunk 23% in the first quarter, has ramped up spending on data centers for cloud customers such as OpenAI, and investors are seeking signs that products enhanced with AI models will boost revenue and profitability. In January, Microsoft said it had racked up 15 million seats for the Microsoft 365 Copilot that sits atop commercial productivity software subscriptions, representing 3% of seats for the standard bundles.
