On March 12, 2026, a foreign tanker carrying Iraqi heavy oil caught fire and was damaged in Iraqi territorial waters after an unidentified attack targeted two foreign tankers near Basra, Iraq, according to Iraqi port officials.
Mohamed Ati | Reuters
Hello, my name is Hui Jie from Singapore. Welcome to another edition of CNBC’s Daily Open.
As oil prices continue to soar, US President Donald Trump is calling on other countries to help secure the Strait of Hormuz. However, his demands have not yet been met as tensions in the Middle East continue to rise as Iran continues to target neighboring countries.
And while the United States remains embroiled in one conflict, President Trump is clearly trying to start another.
What you need to know today
President Donald Trump’s appeal for other countries to help the United States secure the Strait of Hormuz appears to have received a less than enthusiastic response, but Trump sounded confident in the United States on Monday, telling reporters that the White House would soon announce the names of countries that had agreed to help.
Meanwhile, the United States is considering postponing the meeting between President Trump and Chinese President Xi Jinping as the conflict with Iran prolongs.
As oil prices remain high, Treasury Secretary Scott Bessent said the United States is allowing Iranian oil tankers to pass through the strait, saying, “We’re allowing that to supply the rest of the world.”
West Texas Intermediate Crude oil futures were trading about 2% higher at $95.34 a barrel, with global benchmark Brent crude up 1.8% after falling in prices on Monday.
The price hike comes as Iran continues to target neighboring countries, with missile and drone attacks reported on Dubai on Tuesday, prompting the United Arab Emirates to temporarily close its airspace.
Despite the United States’ entanglement with Iran, President Trump appears to be considering involving the world’s largest economy in a new conflict, saying on Monday that he would have the “honor” of “occupying Cuba.”
“I think you can free it, you can take it, you can do whatever you want with it,” he said, but the words are likely to keep markets on edge.
On the technology side, Nvidia President Jensen Huang has shaken up the AI world, saying he expects orders for his company’s Blackwell and Vera Rubin AI systems to reach $1 trillion by 2027, doubling from previous estimates of $500 billion.
Nvidia has also expanded its self-driving car development business with Hyundai, Nissan, Isuzu, and Chinese automakers BYD and Geely.
— Lim Huijie
And finally…
Why traders are nervous about Iran’s $200 oil price warning
Energy analysts and traders said Monday they would not be surprised if oil prices rose to $200 a barrel as the massive Middle East crisis drags on.
The move comes as the U.S.-Israel-led war against Iran has effectively halted traffic in the strategic Strait of Hormuz in recent weeks, disrupting oil production and shipping in the region.
— Sam Meredith
” read more
