Oil prices climbed on Thursday, recovering some of the previous day's losses amid de-escalation in the Middle East. Trump will hit Iran harder if Tehran fails to accept that the country has been "defeated militarily".
Iranian Foreign Minister Abbas Araghchi said the country had no intention to hold talks with the US, but a proposal to end the war is being reviewed. It is at odds with Trump's earlier narratives.
The Gulf states are considering joining the war against Tehran as they lose patience with strikes that have already hit ports, energy facilities and airports, according to sources with knowledge of the situation.
Iran has reportedly started charging transit fees on some commercial vessels passing through the Strait of Hormuz, another sign of control over the world's most important maritime energy channel.
US crude oil inventories increased for a fifth consecutive week amid a drop in exports, according to the EIA. They were expected to have fallen by 200,000 barrels, according to a WSJ survey of analysts.
The IEA is calling on governments to take measures to reduce oil demand by pushing remote working, reducing speed limits and encouraging a shift towards public transport.
Brent crude traded below the $100 level, with lower volatility than last week. It is hard to tell what could happen at the weekend, so we expect the price to basically swing between $100 and $93.
Asset recap
As of market close on 25 March, among EBC major products, AMD shares led gains. The company will likely hike prices, thanks to increased focus on server CPU production and a dwindling supply of new consumer chips.
Micron Technology extended a brutal week. The immediate catalyst is fiscal Q2 2026 earnings that, while strong on the surface, contained debt tender and higher capex rattling investors.
Mexican stocks notched its biggest daily gain of the year, mainly driven by industrials, consumer and communication sector. Thursday's Banxico decision is the week's binary event for the market.
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