Ben Carter is a staff writer at P&L, covering markets, dealmaking, and public companies. He previously worked in equity research, focusing on valuation, earnings, and IPOs.
The Treasury Department temporarily lifted sanctions on Iranian oil at sea, letting cargoes loaded by March 20 sell to most countries through April 19.
Trump warned he would target Iranian power plants unless Iran fully opened the Strait of Hormuz within 48 hours.
March PMIs are expected to slip as the Middle East conflict lifts energy costs and weakens business sentiment.
Brent crude settled at $112.19 a barrel, the 10-year Treasury yield hit 4.39% and the S&P 500 fell 1.51% as markets weighed oil-driven inflation.
The U.S.-Israeli conflict with Iran choked Persian Gulf shipments and closed the Strait of Hormuz. Global oil prices jumped to levels not seen since 2022.
The United States and Israel launched intense airstrikes inside Iran. Oil spiked near $120 a barrel and global markets rallied and fell in response.
Iraq cut output by more than two-thirds. U.S. average gasoline rose to about $3.54 per gallon, up 21% from a month ago.
Reports of a planned U.S. operation inside Iran drove crude into a violent swing and pushed U.S. equities lower.
Google Cloud revenue rose 34% to $15.2B in Q3 2025 as operating margin hit 23.7%, with backlog climbing 82% to $155B.
Google Cloud grew 34% to $15.2B in Q3 2025 as margins hit 23.7%, with backlog up 82% to $155B, signaling demand for Gemini and lower-cost TPU-driven AI.
