AI Summary
5 min readOil Breaches $100, Stocks Slide as Hormuz Crisis Widens
Iran's new supreme leader, Mojtaba Khamenei, issued his first official statement since succeeding his father — a written message promising to open new fronts in the war, attack U.S. bases in the Middle East, and keep the Strait of Hormuz closed. He has not been seen in public since the conflict began, fueling speculation about his health. Meanwhile, Brent crude futures settled above $100 a barrel for the first time since August 2022, and stocks fell sharply: the Dow dropped more than 700 points (1.6%), the S&P 500 fell 1.5%, and the Nasdaq closed down 1.8%.
The Strait of Hormuz and the Oil Market
The global benchmark oil price breached $100 in regular trading and stayed there. Brent futures have surged 65% this year. Hopes of quickly restoring oil flows through the Strait of Hormuz are fading. More tankers were attacked in the waters around Iran, and President Trump said stopping Iran from getting nuclear weapons was a higher priority than oil prices.
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What you'll learn
- 1 (00:18) **Iran's New Supreme Leader Breaks Silence** - Mojtaba Khamenei issues his first public statement, vowing to open new fronts, attack US bases, and keep the Strait of Hormuz closed, while remaining out of public view.
- 2 (02:17) **Oil Closes Above $100 for First Time Since 2022** - Brent crude settles above $100 a barrel as hopes for quickly restoring Hormuz flow dim.
- 3 (03:07) **Fertilizer Prices Surge, Farmers Face Tough Choices** - WSJ's Patrick Thomas explains how the Hormuz blockade is disrupting nitrogen fertilizer supply and sending shares of US producers higher.
- 4 (05:45) **Airline Fares Accelerate as Oil Costs Bite** - Deutsche Bank reports biggest price increases on transatlantic, Caribbean, and last-minute routes; Spirit Airlines sees the largest domestic fare jump for spring break bookings.
- 5 (07:05) **Cyber Front Expands: Hackers Hit Stryker, Claim Iran Retaliation** - WSJ Pro's James Rundle details a destructive attack on the medical device company, wiping phones and forcing resets.
- 6 (09:56) **US Trade Deficit Shrinks 25% in January** - Exports grow 5.5% (led by gold sales); imports slip 0.7% (fewer pharmaceuticals).
- 7 (10:17) **Costco Sued Over Tariff Refunds** - A shopper seeks class action status, arguing Costco raised prices due to tariffs and should refund customers after the Supreme Court struck down some tariffs.
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Guests on this episode
Show Notes
P.M. Edition for Mar. 12. The economic risks of the war in Iran are getting real on Wall Street. Brent crude jumped above $100 a barrel and U.S. stocks sold off. Plus, the tie-up in the Strait of Hormuz is rippling across the global economy, and that includes sending the price of fertilizer skyrocketing. We hear from Journal agriculture reporter Patrick Thomas about what this means for U.S. farmers going into the spring planting season. And employees of medical-technology company Stryker woke up yesterday to find that their devices had been disabled due to a cyberattack. James Rundle, who covers cybersecurity for WSJ Pro, discusses how the war in the Middle East is playing out in the world of hackers. Alex Ossola hosts.
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