Tankers are seen off the coast of Fujairah, United Arab Emirates, on March 3, 2026, as Iran vows to close the Strait of Hormuz amid the US-Israel conflict with Iran.
Amr Alfiqi | Reuters
Hello, this is it Leonie Kidd Writing to you from London. Welcome to another edition of CNBC’s Daily Open.
As the war in the Middle East prepares to enter its second week, the consequences are becoming more far-reaching. Decision in Washington, DC, lifting sanctions and allowing Russian oil back on the market will be watched with particular concern in Europe. Iran’s new Supreme Leader, Mojtaba Khamenei, has used his new “verified” account on X.com to deliver more messages of revenge.
It was a lazy way to end the week with markets still searching for direction amid continued volatility.
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Buyers are already lining up for Russian oil, hours after the US authorized a license for offshore Russian crude to stabilize energy markets. US Treasury Secretary Scott Besant said in a post on Thursday that this “narrowly tailored, short-term measure” would not provide “significant economic benefit to the Russian government.” The Thai government says it is ready for purchase talks, Japan is considering, India will also benefit from the relaxation of these restrictions.
It comes after Tehran’s new Supreme Leader Mojtaba Khamenei, in his first public statement since taking office, said on Thursday that the closure of the Strait of Hormuz should continue “as a means of putting pressure on the enemy”. Khamenei’s comments sent oil prices higher, with Brent crude above $100 a barrel for the first time since August 2022.
Stocks in Asia traded broadly lower, while European and US trade futures struggled to find direction.
Airstrikes and attacks continue as the war prepares to enter its second week. The US military said Thursday that a KC-135 military refueling plane was lost while flying over Iraq, “not due to hostile or enemy fire.” US Central Command said that the incident took place “Friendly airspace and defense efforts are underway during Operation Epic Fury.”
All signs point to a protracted war that could disrupt commodity supplies, as markets and policymakers appear to be bracing for a greater impact.
And finally…
Why gold hasn’t moved since the Iran conflict — and where it might go next
Gold rallied during the 12-day war with Iran last year and then gave up its gains when a ceasefire was announced. But, two weeks into the latest conflict, its price remains largely unchanged.
According to Ross Norman, CEO of precious metals website Metals Daily, several factors could explain the lack of upward momentum, including a stronger dollar and higher Treasury yields.
— Joseph Wilkins
(tags to translate)World Markets
