Morning wrap: Stock market indices slide as oil jumps to $100 again (26.03.2026)

• Equity market sentiment is weakening, while oil is returning to around $98, as markets appear to be pricing in a lower probability of a near-term ceasefire in the Middle East following yesterday’s comments from Iranian military leadership. US100 futures are down 0.3%, and after a weak session in Asia, European indices are also likely to open in negative territory.
• Today’s macro focus will be on US labor market data (jobless claims at 12:30 PM GMT) as well as speeches from Fed members Stephen Miran and Lisa Cook. Gold is down nearly 1.5%, while EUR/USD is retreating to 1.158 amid a stronger US dollar and rising yields; 10-year Treasuries are up more than 3 basis points to above 4.36%.
• US forces say that the aircraft carrier USS Abraham Lincoln continues to conduct operations against Iranian positions, while Iran has reported attacks in Isfahan (central part of the country), where one of its nuclear facilities is located.
• The Israeli Defense Forces (IDF) confirmed another wave of strikes on targets in Iran, and Israeli Prime Minister Benjamin Netanyahu emphasized that the objective of the military operation is the complete neutralization of Iran’s leadership capabilities.
• Exxon CEO Ammann stated that energy markets are in the early stages of disruption. Exxon is maximizing production to support markets, aiming to double output from US shale fields. According to the WSJ, the US Postal Service (USPS) will impose an 8% surcharge on shipments to offset rising jet fuel costs.
• Senator Elizabeth Warren said she wants to freeze Nvidia’s export licenses “until the company takes our national security concerns seriously.” According to Axios, economists and investors are urging Washington to introduce safety regulations in response to job losses driven by artificial intelligence.
• According to Western sources cited by the Financial Times, Russia is supplying drones to Iran; estimates suggest that its oil revenues have tripled since the start of the Middle East conflict. Donald Trump stated that B-2 bomber strikes prevented Iran from acquiring a nuclear weapon.

US100 (D1 timeframe)

Source: xStation5