Economy

Iran War Hammers Markets, Strains Global Oil Supply

Global stock markets fell sharply Thursday as the Iran conflict shows no sign of resolution, with the Dow Jones down 2% and major European indices off around 1.5-1.6%. The US Treasury issued a 30-day waiver allowing Indian refiners to purchase Russian oil stranded at sea, a stopgap designed to keep global supply flowing while Strait of Hormuz transit remains paralysed — though JPMorgan says the US lacks the firepower to provide the $350bn in tanker insurance coverage needed to reopen the route. The Strategic Petroleum Reserve, already drained under Biden and never refilled by Trump, leaves the US with limited cushion.

Sources

Stock market falls resume as US-Israel war with Iran drives up oil and gas prices

The Guardian · Mar 5

Depleted oil reserve leaves US exposed as Iran war pushes up prices

Financial Times · Mar 5

Industry doubts Trump plan to insure Gulf oil tankers as Iran war halts transit

Financial Times · Mar 5

US grants waiver to allow India to buy Russian oil amid Iran war

The Guardian · Mar 6