Futures options traders work on the floor of the NYSE American (AMEX) of the New York Stock Exchange in New York City, U.S., March 6, 2026. REUTERS/Brendan McDermid
Brendan Mcdermid | Reuters
What you need to know today
The war with Iran shows no signs of letting up, and Tehran’s new Supreme Leader Mojtaba Khamenei said Thursday that the closure of the Strait of Hormuz should continue as a “tool to pressure the enemy,” in his first public statement since his appointment. Meanwhile, US Treasury Secretary Scott Bessent told Sky News that the US Navy will begin escorting ships through the critical waterway as soon as “militarily possible.”
Khamenei’s comments sent oil prices soaring, with Brent crude closing above $100 a barrel for the first time since August 2022. Energy concerns sent European and U.S. stocks lower, and the 30-share Dow Jones ended the session below the 47,000 threshold for the first time this year. Asian markets opened lower on Friday.
Attacks on ships in the Persian Gulf have also intensified. Three more foreign vessels were hit on Wednesday, according to UK Maritime Trade Operations, causing a small fire on board, although all crew were reported safe. This comes after two foreign oil tankers caught fire in Iraqi waters after being hit near the port of Umm Qasr, near the city of Basra, Iraq.
Both sides have also hinted that the war could last longer. Iran has warned the world to “prepare for oil to hit $200 a barrel,” Ebrahim Zolfaqari, spokesman for Iran’s military command, said on Wednesday, according to Reuters.
Amid fears of a prolonged war, the United States temporarily authorized purchases of Russian oil stranded at sea to stabilize energy markets. US Treasury Secretary Scott Bessent said in a post on Thursday that this “narrowly tailored, short-term measure” will not provide “significant financial benefit to the Russian government.”
With all signs pointing to a prolonged war that will continue to disrupt raw material supplies, markets and authorities appear to be bracing for a greater impact.
And finally…
Why gold hasn’t moved since the Iran conflict and where it could go next
Gold rose during the 12-day war with Iran last year and then gave up its gains when a ceasefire was announced. But, two weeks after the last conflict, its price remains practically unchanged.
Several factors may explain the lack of bullish momentum, including a stronger dollar and higher Treasury yields, according to Ross Norman, CEO of precious metals website Metals Daily.
—Joseph Wilkins
