Oil Prices Jump 10% After Start Of War In Iran

A sign displays gas prices at a station on March 2, 2026, in Chicago, Illinois (Scott Olson/Getty Images)

US futures turn sharply negative, following European stocks lower, as Iran threatens the Strait of Hormuz

Oil and gas are again at the heart of the matter, as conflict in the Middle East continues.

3/3/26 6:40AM

After a volatile trading session yesterday — in which US stocks ended up very marginally in the green after a premarket session that looked decidedly negative — traders are once again selling risk assets, as the war in Iran continues into its fourth day and the conflict spreads further across the Middle East.

Energy continued to be the focal point for global investors, with crude oil (WTI) climbing to over $75 per barrel in early trading on Tuesday, now up more than 16% from the undisturbed price on February 27. European gas prices spiked even more sharply, with natural gas prices (front-month contracts) soaring north of €60 per megawatt-hour, up more than 90% since the US and Israel launched their attacks.

The fresh concern in oil markets came after an Iranian official said his country would “set fire to anyone who tries to pass through” the critical Strait of Hormuz, a critical juncture through which roughly 20% of the world’s global petroleum liquids pass in any given year. For natural gas, meanwhile, the latest catalyst is a production halt at the world’s largest liquefied natural gas (LNG) facility in Qatar, reportedly following an Iranian drone strike.

Elsewhere, the US embassy in Riyadh, the capital of Saudi Arabia, has also been hit by a drone strike, while Secretary of State Marco Rubio warned last night that the “hardest hits are yet to come,” as joint US-Israel forces continue attacks on Tehran. S&P 500 futures are down 1.8% this morning as the conflict continues.

For single stocks, there are few real winners outside of the energy space, with higher-beta names looking very likely to open down a few points. Accordingly, tech stocks look likely to fare worse than the wider market, with futures on the Nasdaq 100 down 2.5% at the time of writing. The AI trade looks unlikely to be exempt, with darlings like Nvidia, Micron, and Alphabet all down more than 3% premarket. Even Palantir, which yesterday rallied nearly 6% on ties to America’s defense complex, is off some 4%.

For most, the impact is primarily a second-order effect of a broad sell-off in risk assets. However, at least one tech giant has been directly impacted: Amazon is down 2.8% as of 6:15 a.m. ET, after the company said yesterday that drone strikes damaged three of its data centers in the region, with two in the United Arab Emirates “directly struck.”

Tasha Matsumoto, Matt Phillips

4/17/26

The S&P 500, Nasdaq 100, and Russell 2000 close at record highs again as Strait of Hormuz is declared open

Stocks reached new record highs as risk-on sentiment flooded back into the markets, while oil tumbled.

Chicago Bulls players Dennis Rodman (L), Scottie Pippen (C) and Michael Jordan (R) hold three of the team's four recent Larry O'Brien trophies 18 June at a rally for the team in Grant Park in Chicago.

Matt Phillips4/17/26

With their recent surge, Intel shares just hit their highest level since the dot-com era

Intel’s surge of nearly 60% this month has the iconic American chipmaker’s stock price approaching levels last seen during the dot-com era. Bloomberg noted that shares just touched their highest intraday level since the turn of the century:

“The stock rose as much as 1.5% to $69.55, topping a peak it hit on Jan. 24, 2020. The shares are up 90% this year, after soaring 84% in 2025. Intel is now roughly 8% from its all-time closing high of $74.88, established on Aug. 31, 2000.”

That’s just the most recent late-’90s-era throwback we’ve been seeing in tech shares lately. Oracle is currently pacing for its best week since late 1999.

What’s even more remarkable, however, is that Intel’s forward price-to-earnings ratio today dwarfs the premiums the market was putting on the stock during the nuttiness of the dot-com mania.

That reflects the fact that the recent run-up in Intel shares is, essentially, giving the chip giant credit for a massive turnaround that hasn’t actually happened yet.

One also might wonder if the fact that Intel is partially owned by the US government means it’s more attractive — and therefore worth a higher premium — than other chipmakers without the state imprimatur.

Still, kind of startling.

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Netflix sinks following disappointing outlook as investors wait for more ad growth

Netflix shares are down more than 10% on Friday morning.

Max Knoblauch4/17/26

J. Edward Moreno4/17/26

Eli Lilly’s GLP-1 pill hit nearly 1,400 prescriptions in first week

Eli Lilly rose after preliminary numbers cited by Wall Street analysts showed strong uptake of its new weight-loss pill.

The FDA approved Foundayo on April 1 and shipments began on April 9. In its first week, roughly 1,400 US prescriptions were written for the drug, according to IQVIA data cited by Deustche Bank analysts in a Friday note.

Novo Nordisk, Lilly’s rival in the GLP-1 market, released its GLP-1 pill earlier this year, and early signs show that it’s expanding the market, inviting patients who were turned off by weekly injections. Novo’s pill had a stronger first week than Lilly’s, with its Wegovy pill hitting 3,071 US prescriptions in the first four days after its launch on January 5.

Lilly’s pill has an advantage over Novo’s, which is that it can be taken at any time of day, with or without food. Lilly disclosed in a February regulatory filing that it had $1.5 billion worth of prelaunch inventory ready ahead of the FDA approval — which is about as much as analysts polled by FactSet expect it to sell this year.

Eli Lilly makes the world’s bestselling drug. Can it keep the party going?

Claire Yubin Oh4/17/26

Critical Metals jumps after Greenland’s government approves CRML to take majority control of the Tanbreez mining project

Critical Metals is up more than 25% in premarket trading on Friday after the critical mining company announced that it now owns 92.5% of the Tanbreez rare earth deposit following an approval from the government of Greenland.

With that latest government support, Critical Minerals added an additional 50.5% stake to its ownership, reportedly acquired from Rimbal Pty Ltd, per Bloomberg News. With access to eight heavy rare earth elements often used in consumer electronics and defense, the site is one of the world’s largest undeveloped rare earth deposits and a key source of rare earth supply outside of China, according to the company.

In Critical Metals’ press release, Chairman Tony Sage commented that the approval “removes the most significant structural overhang on the project and provides the clarity to advance Tanbreez to production with confidence,” especially as Tanbreez’s location offers a significant logistical advantage through its year-round direct shipping access, compared to rival projects.

With 92.5% of the project now vested in Critical Metals Corp., and the remainder owned by European Lithium Ltd., CRML now has full control of the project and is seeking to accelerate development there, with plans for a new international airport and a “150-tonne bulk sample program,” which is slated for June 2026.