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The US stock market closed on Friday with a significant selloff, sending the Dow into correction territory and marking the fifth consecutive week of declines. The Dow fell 800 points, while the Nasdaq index dropped another 2% and the S&P; 500 closed 1.6% lower.Oil prices continued to rise, with Brent crude surging past $110 a barrel. Despite Donald Trump's announcement of extending a pause on Iranian energy strikes, markets remained on edge. Trump has suggested that oil prices and the stock market will stabilize once the conflict ends, but it's unclear if markets will believe him.Consumer sentiment in the US has also declined, with a 6% drop in March, according to a University of Michigan survey. This decline was observed across all age groups, political parties, and income levels. Inflation expectations rose from 3.4% to 3.8%, the largest one-month increase since last April.The Organization for Economic Cooperation and Development (OECD) revised its global GDP growth projections downward, citing the Iran conflict as a significant source of uncertainty. The report warned of higher global inflation due to the spike in energy prices and noted that the Middle East conflict would disproportionately affect the UK's economy.

The recent developments in the conflict between the US and Iran have left global markets reeling. President Donald Trump's threat to attack Iran's civilian power infrastructure led to a surge in oil prices, a plummet in stock futures, and a climb in bond yields. However, the president quickly walked back his statement, announcing that talks with Iran were going well. This move, dubbed 'Taco' (Trump Always Chickens Out), was first seen during the tariffs crisis last year. The immediate market reaction was significant, with bonds and stocks recovering rapidly after Trump's statement. The S&P; 500 stock index jumped 1.5% by 9:30 am in New York, defying earlier futures contracts that signaled a 1% daily decline. However, Iran's response has shown that Trump's tactic may be losing steam. Iranian officials denied the 'productive conversations' Trump claimed had taken place, and launched missile attacks on Israel, Iraq, and other American allies in the Gulf. This has led to renewed market volatility, with oil prices rebounding and stocks giving up their gains. The article suggests that Trump no longer has control of events in Iran and that the conflict's outcome will likely be decided by Tehran. The Iranian regime has little incentive to back down, having already suffered significant losses but still capable of imposing enormous costs on the world by throttling the Strait of Hormuz and depriving the global economy of 12.5 million barrels of oil and 11.5 billion cubic feet of gas per day. As markets continue to react to the situation, it appears that Trump's 'Persian Tacos' may not be enough to calm investor nerves. The S&P; index lost 1.78% on Thursday, closing at a new low for the year, and the price of Brent crude hovered around $108.

Oil prices have climbed higher amid fading hopes of deescalation in the Iran war following Tehran’s denial that talks with the United States are under way.Futures for Brent crude, the international benchmark, rose nearly 2 percent on Thursday to top $104 per barrel after Tehran dismissed reports of direct negotiations with US President Donald Trump’s administration.The rise comes after oil prices eased on Wednesday following reports that Trump had shared a 15-point plan for ending the war with Iran.Iranian Foreign Minister Abbas Araghchi said in an interview with state media aired on Wednesday that Tehran was not engaged in direct talks with Washington and has “no intention of negotiating for now”.White House Press Secretary Karoline Leavitt warned on Wednesday that Iran would be “hit harder” than ever before if Tehran did not accept military defeat.Iran’s effective closure of the Strait of Hormuz, a conduit for one-fifth of global oil supplies, and its attacks on energy facilities across the Middle East have prompted a surge in energy prices worldwide.Oil prices are up more than 40 percent compared with before the US and Israel launched strikes on Iran on February 28, prompting numerous countries to implement fuel rationing and other energy conservation measures.Market-watchers say prices are likely to rise further until shipping is free to traverse the strait, despite efforts by countries to bolster supply by tapping emergency stockpiles in coordination with the International Energy Agency.While Tehran has repeatedly claimed that the strait is open to ships that are not aligned with its enemies, daily transits have all but collapsed since the start of the conflict.Four vessels were tracked transiting the waterway via their automatic identification systems on Tuesday, down from an average of 120 daily transits before the conflict, according to maritime intelligence firm Windward.

US markets witnessed a significant downturn on Thursday, marking their biggest slump since the onset of the US-Israel war with Iran. The Dow closed 450 points down, while the S&P 500 dipped 1.7%. The tech-heavy Nasdaq fell 2.3%, plunging into correction territory, which occurs when an index falls at least 10% below its most recent peak. The conflict has led to a surge in oil prices, reaching levels not seen since Russia's invasion of Ukraine in 2022. At the end of the day on Thursday, Brent crude oil, the global benchmark, was about $107 a barrel, while US crude hit $93 a barrel. Average US gas prices at the pump reached $3.98 a gallon, according to AAA. Despite the soaring prices, Donald Trump said that oil prices “have not gone up as much as I thought” during a cabinet meeting on Thursday. He predicted that prices would “come back down to where it was, and probably lower,” and that the impact on the stock market would reverse once the conflict ends. Markets have been growing weary of Trump's mixed signals on the US's stance in negotiations with Iran. Stocks dipped on Thursday morning after Trump posted a warning to Iranian negotiators that they “better get serious, before it’s too late.” However, later in the morning, Trump said that there were “very substantial talks” happening with Iran and that the country allowed 10 oil tankers to pass the blocked strait of Hormuz. The White House announced it will extend a pause on Iranian energy infrastructure strikes by 10 days, until 6 April. A new report estimates US inflation will average 4.2% this year, compared with an average of about 2.6% in 2025, according to the Organization for Economic and Cooperation and Development (OECD). The increase in inflation reverses what was expected to be strong growth for the global economy before the conflict began.

Iran has assured that 'non-hostile' vessels can safely pass through the Strait of Hormuz, a vital shipping route for about one-fifth of the world's oil and liquified natural gas supplies. The assurance comes amid a significant collapse in maritime traffic through the strait, which has contributed to a major global energy crisis.In a statement released through its mission to the United Nations, Iran specified that ships would be allowed to transit the strait 'provided that they neither participate in nor support acts of aggression against Iran and fully comply with the declared safety and security regulations.'The development follows a sharp decline in shipping traffic through the strait, with only about 5 vessels passing through daily, compared to an average of 120 daily transits before the US-Israel conflict began. This reduction has led to a surge in global energy prices, with Brent crude experiencing significant fluctuations.Iran's statement also mentioned that ships will be allowed to transit 'in coordination with the competent Iranian authorities.' The country has shared similar assurances with the International Maritime Organization (IMO), the UN body responsible for international shipping safety and security.The move comes as US President Donald Trump mentioned ongoing negotiations to end the conflict with Iran, despite Tehran's previous denials of talks. The situation remains complex, with global markets closely watching for any signs of resolution.

Global markets experienced a significant shift as stock markets in Asia and Europe rose following reports that US President Donald Trump had sent a 15-point framework for peace to Iran. This development sparked hopes of a ceasefire in the Middle East, influencing market sentiment. The price of oil, which had fallen by 4% in early trading to below $100 (£75) per barrel of Brent crude, later recovered to approximately $100. This fluctuation was driven by the prospect of an end to the conflict easing the squeeze on oil supply. The straits of Hormuz, a vital shipping lane through which 20% of global oil supplies transit, had been effectively closed by Iran, causing a significant disruption to oil and gas shipments. Iran's announcement that it would permit “non-hostile” ships to pass safely through the strait of Hormuz helped to reopen this crucial waterway. This move, combined with the potential peace plan, contributed to the positive market sentiment. Stock markets in Asia saw notable gains, with Japan’s Nikkei rising by 2.9%, India’s S&P; BSE Sensex almost 2% higher, and Hong Kong’s Hang Seng up by just under 1%. European markets also saw increases, with the FTSE 100 in London up by almost 1%, Germany’s Dax trading 1.6% higher, and France’s Cac 40 climbing by 1.4%. However, Iran’s foreign affairs ministry informed the UN Security Council and the International Maritime Organization that “non-hostile” vessels could pass through the strait, which also poses a risk to global food security due to the disruption of fertiliser supplies. The World Trade Organization warned that this could lead to food price shocks. The conflict's impact on gold prices was also noted, as the metal traditionally seen as a safe haven asset during troubled times experienced a 13% decline to about $4,460 per ounce. Additionally, Larry Fink, CEO of BlackRock, warned that a prolonged conflict could lead to oil prices rising to $150 a barrel, potentially triggering a global recession.

Oil prices have experienced a significant surge, rising more than 5%, in the wake of an Israeli strike on Iran's South Pars gasfield. This development comes as the United States-Israeli conflict with Iran continues to escalate.The international standard, Brent crude, rose 5 percent to $108.66 a barrel on Wednesday. Meanwhile, US West Texas Intermediate crude (CLc1), the price barometer for US oil, gained 2.5 percent to $98.65. This widened its discount to Brent to the largest since May 2019, driven by fears of a prolonged conflict.Iranian state media reported that natural gas facilities associated with its offshore South Pars field – the largest gasfield in the world, located off the coast of southern Iran's Bushehr province – were attacked. Iran's Revolutionary Guard threatened to attack oil and gas infrastructure in Qatar, Saudi Arabia, and the United Arab Emirates, heightening the risk of further disruptions to energy supplies in the region.Later on Wednesday, Qatari authorities reported a fire at the country's Ras Laffan gas facility after an Iranian ballistic missile attack. Qatar's Interior Ministry later confirmed that the fire had been brought under control.The US-Israeli war on Iran and Tehran's retaliatory attacks on Gulf neighbours have disrupted oil and natural gas exports from the Middle East and forced production stoppages. Experts warn that if these disruptions keep oil and gas prices elevated for an extended period, the global economy could experience a wave of inflation.Fighting has halted most shipments via the Strait of Hormuz, through which 20 percent of global oil and liquified natural gas supplies pass. Total oil output cuts in the Middle East are estimated at 7 million to 10 million barrels per day or 7 percent to 10 percent of global demand.

The conflict between Iran and Israel has taken a significant turn, with oil prices skyrocketing to unprecedented levels. Analysts are now warning that prices could reach $150 or even $200 per barrel, a scenario that was previously considered far-fetched.The global benchmark, Brent crude, has hit nearly $120 per barrel and has remained above $100 since March 13. The recent Israeli strike on Iran's South Pars gasfield and subsequent Iranian attacks on oil and gas facilities in Qatar, Saudi Arabia, and the United Arab Emirates have further pushed crude prices up to over $108 per barrel.The Strait of Hormuz, which accounts for about one-fifth of global oil supplies, has been effectively closed since Iran declared it shut early in the conflict. Only a handful of ships, mostly Indian, Pakistani, Turkish, and Chinese-flagged vessels, have been allowed to pass through in recent days.Market watchers agree that prices have room to move much higher if the Strait of Hormuz remains closed. Vandana Hari, founder of Vanda Insights, notes that benchmark Middle Eastern crudes have already crossed the $150 threshold, making $200 a possibility.The International Monetary Fund estimates that every 10% rise in oil prices would correspond with a 0.4% increase in global inflation and a 0.15% reduction in economic growth. Oil prices at $150 or higher would weigh heavily on the global economy.Adi Imsirovic, an energy expert at the University of Oxford, warns that oil at $200 per barrel would be a major handbrake to the world economy, impacting inflation, growth, employment, and potentially causing shortages of fuel and materials.

Japan has initiated the release of oil from its emergency reserves in response to the escalating global energy crisis triggered by the Iran-Israel conflict. The crisis has led to the effective closure of the Strait of Hormuz, a critical waterway for global oil supplies.The decision to release oil reserves was announced on Monday through a notice published in the Japanese government's official gazette. This move follows Japanese Prime Minister Sanae Takaichi's announcement last week to unilaterally release 80 million barrels of oil from stockpiles due to supply concerns arising from Iran's threats against shipping in the strait.The International Energy Agency (IEA) has also pledged to coordinate the release of a record 400 million barrels to mitigate the market impact of the conflict. Despite these efforts, oil prices have surged, with Brent crude rising as much as 3% on Sunday before easing slightly on Monday. As of 05:45 GMT, Brent stood at $104.85 a barrel, marking a more than 40% increase since the start of the war on February 28.Japan, being one of the world's largest oil importers, relies on overseas fossil fuels for about 80% of its energy needs. The country also holds one of the world's largest oil reserves, sufficient to meet 254 days of domestic consumption. Tokyo has stated it has no plans to deploy its navy to the strait following a call from US President Donald Trump for other countries to help unblock the waterway.