A foreign tanker carrying Iraqi fuel oil was damaged after it caught fire in Iraqi territorial waters following an unidentified attack targeting two foreign tankers near Basra, Iraq, March 12, 2026, according to Iraqi port authorities.
Mohammad Ati | Reuters
Hello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
US President Donald Trump is looking to enlist other countries to help secure the Strait of Hormuz as oil prices rise. But their requests have yet to be accepted as tensions in the Middle East continue to escalate as Iran continues to target its neighbors.
And even as the US is embroiled in one conflict, Trump is looking to start another.
Here’s what you need to know today
US President Donald Trump’s plea for other countries to help the US secure the Strait of Hormuz appears to have received a less than enthusiastic response, but Trump struck a tone of confidence across the country on Monday, telling reporters that the White House will soon announce the names of the countries that have agreed to help.
Washington, meanwhile, is looking to postpone a meeting between Trump and Chinese President Xi Jinping as the conflict with Iran drags on.
As oil prices rose, Treasury Secretary Scott Besant said Washington was allowing Iranian oil tankers to transit the strait: “We’ve allowed supplies to the rest of the world.”
US West Texas Intermediate Crude futures were trading nearly 2% higher at $95.34 a barrel, while global benchmark Brent rose 1.8% to $102.03, after prices fell on Monday.
The jump in prices comes as Iran continues to target its neighbors with reports of missile and drone attacks on Dubai on Tuesday, prompting the United Arab Emirates to temporarily close its airspace.
Although the US is embroiled in Iran, Trump appears to be considering taking the world’s largest economy into another conflict, saying on Monday that he would be “honoured” to “take Cuba”.
“I think I can free it up, take it, do whatever I want with it,” he said, adding that it is likely to send markets on edge.
On the technology front, Nvidia chief Jensen Huang gave the AI world a shot, saying purchase orders for the company’s Blackwell and Vera Rubin AI systems are expected to reach $1 trillion by 2027, more than double the previous estimate of $500 billion.
Nvidia extended deals to Hyundai Motor, Nissan Motor and Isuzu, as well as Chinese automakers BYD and Geely for its autonomous vehicle development business.
– Lim Hui Gee
And finally…
Why traders are nervous about Iran’s $200 oil warning
Energy analysts and traders said Monday that they would not be surprised if oil prices rise to $200 per barrel as the Middle East crisis drags on.
It comes as the US- and Israeli-led war on Iran continues to disrupt oil production and shipping in the region, with traffic through the strategically important Strait of Hormuz effectively halted in recent weeks.
– Sam Meredith
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(tags to translate)World Markets
