A vendor pumps gasoline from Iranian fuel oil tankers for resale near the Bashmagh border crossing on March 11, 2026. The International Energy Agency said its member countries would release 400 million barrels of oil from their reserves to ease the impact of the war in the Middle East, the largest such release ever. The crude oil market has been hit by huge volatility since the United States and Israel began attacking Iran late last month, and Tehran retaliated by attacking targets across the oil-rich Gulf and effectively closing the Strait of Hormuz. (Photo by Ozan KOSE/AFP via Getty Images)
Ozan Kose | AFP | fake images
What you need to know today
Global oil markets got a theoretical safety valve on Wednesday when the International Energy Agency agreed to release a record 400 million barrels of oil, while the United States said it would tap 172 million barrels of its Strategic Petroleum Reserve to help reduce energy costs.
Still, the markets were not exactly calm. Crude oil prices closed up more than 4% on Wednesday, while US markets ended mixed after several commercial vessels were attacked off the coast of Iran. At least three cargo ships were hit by suspected shells on Wednesday morning local time in or near the Strait of Hormuz, causing one of them to catch fire and forcing the crew to evacuate. European markets also closed lower on Wednesday, while U.S. stock futures fell.
Oil is only part of the story. The closure of the Strait of Hormuz has also disrupted fertilizer shipments since late last month, raising the risk of higher agricultural costs and, eventually, food inflation. More than a third of fertilizers traded globally pass through the Strait, making it a fundamental step for agricultural supply chains. Timing is critical because fertilizers are applied early in the crop cycle and help determine yields later in the year. As other raw materials such as aluminum are affected, the conflict in the Middle East could further damage supply chains and become a turning point for the global economy.
As if the volatility in global markets wasn’t enough, the Trump administration on Wednesday launched trade investigations in more than a dozen countries, aiming to replace President Donald Trump’s reciprocal tariffs, which were recently ruled illegal by the Supreme Court. The investigations will be conducted under Section 301 of the Trade Act of 1974, which allows the United States to impose tariffs on goods imported from other economies that have engaged in unfair trade practices. Asian economies investigated include China, Japan, India, Taiwan, Vietnam, South Korea, Singapore, Indonesia, Malaysia, Cambodia, Bangladesh and Thailand.
In other words, energy markets are volatile, supply chains are tightening, and trade tensions are escalating (again). Global markets rarely enjoy juggling all three at once.
And finally…
How the Iran War Could Affect Hyperscalers’ Massive AI Development in the Middle East
Tech companies have been funneling billions of dollars into AI infrastructure projects in the Middle East in recent years, attracted by cheap and readily available energy and land, along with support from local governments.
But Iran’s war spilling over into neighboring Middle East countries raises questions about the future of data center and digital infrastructure construction in the region, particularly if it turns into a protracted conflict, experts told CNBC.
Data centers have already been attacked, causing disruptions to banking, payments, business and consumer services.
– Kai Nicol-Schwarz
