A trader pumps gasoline from an Iranian fuel oil tanker for resale near the Bashmag border on March 11, 2026. The International Energy Agency has announced that member countries will release 400 million barrels of oil from their reserves to help mitigate the effects of Middle East wars, the largest release ever. Oil markets have been hit by wild swings since the United States and Israel launched attacks on Iran late last month, and Tehran retaliated by attacking targets across the oil-rich Gulf and effectively closing the Strait of Hormuz. (Photo by Ozan KOSE/AFP, Getty Images)
Yuzan Kose | AFP | Getty Images
What you need to know today
Global oil markets got a theoretical safety valve on Wednesday when the International Energy Agency agreed to release a record 400 million barrels of oil, while the United States announced it would tap 172 million barrels from the Strategic Petroleum Reserve to reduce energy costs.
Still, the market was not completely reassured. Oil prices ended Wednesday higher by more than 4%, but U.S. markets ended mixed after attacks on several commercial ships off the coast of Iran. At least three cargo ships were attacked by suspected projectiles in or near the Strait of Hormuz as of Wednesday morning local time, causing one to catch fire and forcing the evacuation of its crew. European markets also eased lower on Wednesday, but U.S. stock futures fell.
Oil is only part of the story. The closure of the Strait of Hormuz has also disrupted fertilizer shipments since late last month, increasing the risk of rising agricultural costs and food inflation. More than a third of the fertilizer traded around the world passes through the Strait, making it a vital corridor for agricultural supply chains. Timing is very important because fertilizers are applied early in the crop cycle and help determine yield later in the year. Other goods such as aluminum have also been hit, and the Middle East conflict could cause further damage to supply chains and become a turning point for the global economy.
As if the volatility in global markets wasn’t enough, the Trump administration on Wednesday launched trade investigations into more than a dozen countries, targeting an alternative to President Donald Trump’s reciprocal tariffs that were recently ruled illegal by the Supreme Court. The investigation is conducted under Section 301 of the Trade Act of 1974, which allows the United States to impose tariffs on imports from other countries found to have unfair trade practices. The Asian economies surveyed include China, Japan, India, Taiwan, Vietnam, South Korea, Singapore, Indonesia, Malaysia, Cambodia, Bangladesh, and Thailand.
In other words, energy markets are volatile, supply chains are tightening, and trade tensions are escalating (again). In global markets, it’s rare to juggle all three at the same time.
And finally…
How the Iran war could impact hyperscalers’ large-scale AI buildout in the Middle East
Tech companies have poured billions of dollars into AI infrastructure projects in the Middle East in recent years, leveraging cheap and readily available energy and land and support from local governments.
But the Iran war has spilled over into neighboring countries in the Middle East, raising questions about the future of data centers and digital infrastructure in the region, especially if the conflict drags on, experts told CNBC.
Data centers have already been targeted, disrupting banking, payment services, corporate services, and consumer services.
— Kai Nicole Schwartz
