Oil And Trade Tariff Uncertainty Rattle Global Markets

• Global oil markets got a theoretical safety valve Wednesday when the International Energy Agency (IEA) agreed to release a record 400 million barrels of oil, while the U.S. said it would tap 172 million barrels from its Strategic Petroleum Reserve to help lower energy costs. While this was seen as an unprecedented move from the IEA and U.S. administration, according to markets it was not enough as oil prices are surging once again, with Brent crude topping $100 per barrel on Thursday, March 12, 2026.
• The energy picture is complicated by another development as Iran continued to send large amounts of crude oil via the Strait of Hormuz to China even as the war between U.S.-Israel and Iran has jeopardised broader supplies through the critical waterway.
• Notwithstanding, the war that continues to rage in Iran has not distracted President Donald Trump from his trade war. The U.S. administration on Wednesday launched trade probes into more than a dozen countries to replace the reciprocal tariffs, which were recently ruled illegal by the Supreme Court. The main targets are the EU, China, Mexico, alongside a slew of other nations, including Switzerland, Norway, Japan, India and South Korea.
• In other words, energy markets are volatile, supply chains are tightening, and trade tensions are heating up again. Meanwhile, global equities remain sensitive to the energy moves. European stocks are expected to open lower, while U.S. futures are also pointing to another negative session.

(Source: CNBC)