Daily brief
The United States has expanded its naval blockade of Iranian ports and imposed new sanctions on Iran's oil sector and smuggling networks, with Defense Secretary Hegseth stating the blockade will last 'as long as it takes.' The Iran war has disrupted global oil markets, shattered traditional price indicators, and pushed the US close to becoming a net crude exporter for the first time since World War Two. The conflict has also driven eurozone inflation to 2.6 percent and raised Austrian inflation significantly, while the UK economy showed stronger-than-expected growth in February that analysts warn will be tested by the energy shock.
China hit its economic growth target despite Iran war disruption, while Indian officials described the oil shock as disruptive as Covid.
A refinery fire in Australia risks the country's oil supply amid the Iran war fuel crisis (ongoing coverage).
Spirits giant Pernod Ricard warned the Iran war is hitting sales, while PepsiCo flagged Iran war cost risks despite a payoff from price cuts and brand refreshes.
Iran halted petrochemical exports until further notice to avoid domestic shortages, and tankers remained stranded at the Strait of Hormuz awaiting Iran's permission.