Weak stocks, oil surges and mines in the Strait of Hormuz: results of the 11th day of war

Stocks in the U.S. showed weak dynamics at the trading on March 10, which was characterized by sharp fluctuations in oil prices due to the quickly flared up and just as quickly faded hope for the resumption of supplies of raw materials through the Strait of Hormuz. Moreover, according to CNN, Iran has begun to mine this crucial artery for the global oil market. US President Donald Trump has threatened serious consequences if this is confirmed and Tehran refuses to remove the mines.

- The broad market index S&P 500 declined by 0.21% on Tuesday. At the minimum during the day, it was losing 0.5%.

- The blue-chip index Dow Jones Industrial Average was down 34 points, or less than 0.1%.

- The Nasdaq Composite Technology Sector Index closed in the green - but it added a paltry 0.01%, although it was down 0.4% at the day's low.

- The Russell 2000 index of small and mid-capitalization companies was down 0.22%.

- The VIX index, known as the "Wall Street Fear Index," was down about 2% to 25 points. It is still above the psychological mark of 20 points, indicating high volatility.

- Futures for U.S. WTI crude oil were down 9% to about $86.6 per barrel at the close of exchanges in New York. Contracts for the international benchmark Brent were down 8% to about $91 per barrel.

- Spot gold prices were up more than 1% on March 10.

- Silver added about 1.7% in value.

- Bitcoin 's price was up as high as $71,612.5, CoinGecko shows.

Traders on Monday were trying to decipher conflicting signals about the outlook for oil supplies, according to Bloomberg.

Oil prices, which on Monday at the peak of concerns over the conflict with Iran rose to almost $120 per barrel, continued to move downward on Tuesday: traders hope that the G7 will use its oil reserves to mitigate supply disruptions caused by the war, writes CNBC. Also, the U.S. on Tuesday increased its oil production forecast for next year. The country's oil production in 2027 will amount to 13.8 million barrels per day - 0.5 million more than expected a month ago, the authorities assume. In 2026, the production level is estimated at 13.6 million barrels per day.

Also, the price of oil fell sharply on Tuesday after a post on US Energy Secretary Chris Wright's social media page X that the US Navy had escorted a tanker through the Strait of Hormuz, a crucial artery for the global market that Iran has effectively blocked. However, the post was quickly deleted and White House press secretary Carolyn Levitt denied the convoy. After that, Brent and WTI recovered some of their losses.

At the end of the trading day, CNN reported that Iran was mining the Strait of Hormuz. The channel's sources said the scale is relatively small so far, with a few dozen mines placed in recent days, but Iran has the capacity to increase the volume to several hundred. CBS News wrote that "Iran may be preparing to place sea mines" in the Strait of Hormuz.

"If Iran has placed any mines in the Strait of Hormuz that we have not received reports of, we demand that they be removed immediately!", US President Donald Trump wrote on the Truth Social network. He threatened Iran with "never-before-seen military consequences" if the mines were indeed placed and Tehran refused to remove them. Trump later said, "In the last few hours, we have struck and completely destroyed 10 inactive mine boats and/or vessels."

According to Axios, the Trump administration on Monday asked Israel not to launch new strikes against Iran's energy infrastructure, especially oil facilities. According to the publication's source, Trump expects to cooperate with Iran's oil sector after the war - similar to the approach he has already taken with Venezuela. In addition, such attacks could provoke large-scale retaliatory strikes by Iran against the energy infrastructure of the Persian Gulf countries, the publication writes.

- "While traders welcome the unexpected drop in oil prices, the geopolitical environment remains far from stable, leaving markets vulnerable to further volatility. Ultimately, the key factor for markets will be whether energy supplies from the [Persian Gulf] region resume as normal," Forex.com analyst Fawad Razaqzada said as quoted by Bloomberg.

- "The conflict in the Middle East and related headlines continue to be a big source of volatility in markets, with stocks, oil and rates [bond yields] having another day of trying to find equilibrium. We will continue to try to look beyond these near-term headlines," said Samir Samana, Wells Fargo Investment Institute's senior global markets strategist, as quoted by Bloomberg.

This article was AI-translated and verified by a human editor