Morning Market Wrap
13 Mar 2026
It was another punishing session on Wall Street as the escalating US-Israel war against Iran sent oil prices surging past the US$100 mark and fresh cracks in the private credit market added to the selling pressure.
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Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, "Lorem ipsum dolor sit amet..", comes from a line in section 1.10.32.
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Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, "Lorem ipsum dolor sit amet..", comes from a line in section 1.10.32.
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*Note: These prices are based on futures and/or CFD pricing and may therefore differ slightly from spot pricing.
Commodities and Currencies
Oil stole the show. Brent crude settled above US$100 a barrel for the first time since August 2022, surging more than 10% to US$101.35 as the blockage of the Strait of Hormuz continued to choke global supply. West Texas Intermediate climbed nearly 10% to settle at US$95.73. The International Energy Agency described the disruption as the largest in the history of the global oil market, estimating 8 million barrels a day have been taken offline this month. Goldman Sachs warned prices could exceed the 2008 peak of US$147.50 if flows through Hormuz remain depressed through March.
Gold fell 1.7% to US$5,086.90 an ounce as the surging dollar and fading rate-cut expectations took the shine off the precious metal. Iron ore bucked the trend, rallying 4.3% to US$108.60 a tonne amid rising trade uncertainty and cargo diversions related to the conflict.
The Australian dollar dropped 1% to 70.78 US cents as the greenback surged to an almost two-month high. State Street reported institutional dollar buying at its strongest level in nearly two years. The euro slipped 0.4% to US$1.1516, while the Japanese yen weakened 0.3% to 159.38 per dollar.
Economic Calendar
US:
- Personal Income Jan 23:30
- Personal Spending Jan 23:30
- Durable Goods Orders Jan 23:30
- Uni. of Michigan Sentiment Mar 01:00
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