Wall Street is "trading threateningly along the lines of 2007-2008," Bank of America strategist Michael Hartnett wrote in a note to clients. In his opinion, the jump in oil prices amid the war with Iran and growing market fears around private lending resemble in market activity the period preceding the global financial crisis of 2008, Bloomberg <a href="https://www.bloomberg.com/news/articles/2026-03-13/bofa-s-hartnett-warns-markets-are-starting-to-look-like-2008?embedded-checkout=true">writes</a>.

Ominous dynamics: BofA sees 3 signs in the market before the 2008 crisis

Major U.S. stock indexes rose in early trading on March 13 - data on U.S. GDP for the last quarter of 2025, as well as indicators of the index of personal consumption expenditures in the States for January indicated a slowdown in the economy, than strengthened hopes for lower interest rates of the Federal Reserve, Bloomberg <a href="https://www.bloomberg.com/news/articles/2026-03-13/us-stocks-rise-as-tepid-economic-data-boosts-rate-cut-hopes">writes.</a>

U.S. stocks rise amid sluggish economic data. Why.

The core index of personal consumption expenditures in the United States rose at an annualized rate of 3.1% in January. The conflict in the Middle East may push it even higher, according to an analyst at Carson Group

The Fed's favorite measure of inflation rose at the fastest pace in nearly two years

Oil prices may remain well above current levels and in the long term approach $150-$200 per barrel amid the ongoing conflict over Iran, says former chief economist of the International Monetary Fund (IMF) Olivier Blanchard, <a href="https://www.businessinsider.com/oil-prices-inflation-iran-trump-iea-imf-chief-economist-hormuz-2026-3">writes</a> BusinessInsider.

Oil at $200: why ex-IMF economist expects oil rally even if war ends

Other analysts warn of a possible major correction

Goldman Sachs sees the potential for a rally in US stocks. What will push them up?

Earlier, Morgan Stanley warned that the Fed may postpone monetary policy easing

The market has little hope of a Fed rate cut this year. Oil prices are to blame

Iran's new supreme leader Mojtaba Khamenei said the Strait of Hormuz should remain closed as "an instrument of pressure on the enemy," he said in a televised address <a href="https://www.reuters.com/world/iran-war-live-six-tankers-attacked-gulf-strait-hormuz-2026-03-12/">translated by</a> Reuters.

Strait of Hormuz must remain closed: Iran's new head - in first statement

The war with Iran has caused unprecedented turmoil in the global oil market, affecting 7.5% of the global oil supply and an even larger share of export supplies, Bloomberg <a href="https://www.bloomberg.com/news/articles/2026-03-12/iran-war-is-causing-biggest-ever-oil-market-disruption-iea-says?srnd=homepage-europe">writes</a>, citing a <a href="https://www.iea.org/data-and-statistics/data-product/oil-market-report-omr">report by</a> the International Energy Agency (IEA).

Venera Saifutdinova

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