13 March 2026 – Oil Breaches $100 as Trump underestimates the length of Iran Conflict

MPC Markets Morning Call · Mar 12, 2026 · 6m

Overnight markets were dominated by a sharp escalation in the Iran war, with Brent crude breaching $100 for the first time since 2022 after Iran’s new supreme leader vowed to keep the Strait of Hormuz closed. The IEA declared the conflict the largest oil supply disruption ever. US equities sold off broadly, with the S&P 500 falling 1.5% and private credit stress compounding the risk-off mood. Bond yields surged globally as traders abandoned 2026 Fed rate cut expectations entirely, and the US dollar strengthened to a two-month high. Friday’s US PCE inflation print and next week’s packed…