Iran war pushes oil above $100 as Europe gas prices double
Greece’s central bank cut its 2026 growth forecast to 1.9% and raised its inflation outlook to 3.1% as higher oil and gas prices hit forecasts.
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Greece’s central bank cut its 2026 growth forecast to 1.9% and raised its inflation outlook to 3.1% as higher oil and gas prices hit forecasts.
Iran told the U.N. maritime agency Hormuz stays open except for “enemy-linked” ships, and it said vessels must coordinate security arrangements with Tehran to pass.
Regional officials call the Strait of Hormuz Tehran’s key leverage, letting Iran raise global economic costs even after heavy losses in the U.S.-Israel conflict.
China told multinational executives it will promote balanced trade and address surplus concerns during a tariff truce with the US.
US stocks and bonds fell as Brent oil settled at $112.19 and the 10-year Treasury yield rose to 4.39%, while gold slid more than 10% for the week.
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.