Oil prices have lost some of the gains recorded the day before during the explosive rally. Iran is going to impose "security" duties on oil tankers passing through the Persian Gulf. Here are the major developments in the conflict in the Middle East to this point.

Relief rally and duties on oil tankers: day 11 of the Iran war

JPMorgan Chase & Co.

The loss of a key oil export terminal could prompt Tehran to step up attacks on its neighbors' energy infrastructure

JPMorgan warned of a new threat to the global oil market due to the US war with Iran

Broadcom Inc.

NVIDIA Corporation

Advanced Micro Devices, Inc.

Micron Technology, Inc.

Stocks in the U.S. showed on Monday, March 9, the best reversal from decline to growth in at least a few months. Indexes, which had been falling for most of the day, reversed to a sharp rise after Donald Trump's announcement that the war with Iran was nearing an end. Brent crude oil, which in the morning rose to its highest since 2022 - almost $120 a barrel - has since then, on the contrary, started to fall in price by more than 5%.

The best reversal of stocks, the rise and fall of oil, the peak of panic: the results of the tenth day of the war

The ongoing conflict between the U.S. and Iran and the virtual blockage of the Strait of Hormuz has caused the biggest disruption to global oil supplies in history, consulting firm Rapidan Energy <a href="https://www.cnbc.com/2026/03/09/the-us-iran-war-is-the-biggest-oil-supply-disruption-in-history.html">said</a>, it was quoted by CNBC as <a href="https://www.cnbc.com/2026/03/09/the-us-iran-war-is-the-biggest-oil-supply-disruption-in-history.html">saying</a>.

The closure of the Strait of Hormuz has caused the biggest oil supply disruption in history

The S&amp;P 500 index may fall by 10% relative to its peak January values due to the ongoing conflict in the Middle East, the Bloomberg agency <a href="https://www.bloomberg.com/news/articles/2026-03-09/jpmorgan-sees-10-correction-in-s-p-500-as-war-risks-build-up?embedded-checkout=true">quotes the</a> opinion of analysts JPMorgan. However, traders, according to experts, are not ready for such a fall.

JPMorgan warned of a 10% correction in the S&amp;P 500 from its peak because of the Iran war

The Nasdaq Composite Technology Index, which plunged more than 1 percent in early trading on March 9 - eventually came out in the plus side

Oil has fallen below $100 a barrel. G7 ministers' meeting calmed the markets?

Due to the soaring cost of oil in Europe and the United States, prices at gas stations have risen sharply. In particular, the cost of a liter of diesel <a href="https://www.rfi.fr/en/france/20260309-france-launches-nationwide-petrol-station-inspections-as-fuel-prices-jump">has risen</a> by about 16% in France since the last pre-war day on February 27. Psychologist Mikhail Tegin explains why, when the cost of a barrel of Brent oil reaches almost $120, our emotions turn on inside in addition to analysis and calculations: we are ready to sell promising tech sector stocks just because it has become 30% more expensive to fill up the car.

 The psychology of the "empty tank": why do gasoline prices scare us more than nuclear war?

At the end of January, gold fell sharply from its all-time highs - the last week against the backdrop of the war in Iran was the worst for the precious metal since that period

Dollar surge and gold sell-off: why Saxo thinks such tactics are wrong?

Major U.S. indices <a href="https://www.cnbc.com/2026/03/08/stock-market-today-live-updates.html">collapsed</a> at the opening on March 9 by more than 1%. The war in the Middle East has pushed the oil market beyond previous stress models. Brent is trading around $100 per barrel, and at the opening of the Asian session the price rose to almost $120. The main driver is not only strikes on energy infrastructure, but also the actual stoppage of traffic through the Strait of Hormuz. For investors, this is no longer a local geopolitical episode, but a whole macroeconomic shock, which strengthened the demand for the dollar, <a href="https://www.ft.com/content/176a8568-5982-459a-a36a-d2cbf577568a?utm_source=chatgpt.com#:~:text=Iran%20war%20muddles%20expectations%20of%20likely%20Federal%20Reserve%20interest%20rate%20cuts">reduced</a> expectations of a soon easing of the Fed policy, and led to a large-scale sell-off in Europe and Asia.

A nightmare, prolonged stress or a quick pullback: what to expect on Wall Street

Exxon Mobil Corporation

Chevron Corporation

The sell-off in U.S. stock markets continued on March 9 after the biggest weekly drop since last October - the prospect of a protracted war in Iran has sent energy prices soaring and heightened fears of rising inflation.

"Stress and volatility unlikely to subside": major US equity indices lose more than 1%

The largest oil exporter - Saudi Arabia - is cutting production following the UAE and Kuwait, Bloomberg sources report. The reason is the same: full storage facilities due to the actual blockage of the Strait of Hormuz. By mid-day on March 9, the Brent price had consolidated above $100 a barrel, having fallen from a peak of $120. The risks of a physical oil shortage are somewhat exaggerated, <a href="https://www.facebook.com/dmitry.al.nekrasov/posts/pfbid02KEfWuURAD4D2obTXwaKGuxm4xCSxiPscEeRwy3Q4AXG1z69SqpPKjKNqtMdmniv5l">Dmitry Nekrasov</a>, director of the CASE (Center for Analysis and Strategies in Europe) analytical center, wrote in his <a href="https://t.me/s/dnekrasov">Telegram channel</a>.

Is the oil apocalypse off? Why the world is not in danger of running out of physical oil

Saudi Arabia, the world's <a href="https://www.ft.com/content/aaaad78b-2980-4bb3-90f8-e8d7ab617796">largest</a> oil producer in the Persian Gulf and the <a href="https://www.worldometers.info/oil/oil-production-by-country/">second</a> <a href="https://www.ft.com/content/aaaad78b-2980-4bb3-90f8-e8d7ab617796">largest</a> after the United States, has started to cut production, a source familiar with the situation <a href="https://www.bloomberg.com/news/live-blog/2026-03-08/iran-latest-mmia2vxb?srnd=homepage-europe">told</a> Bloomberg. According to him, Saudi Arabia took such a decision due to the actual blockage of the Strait of Hormuz - a narrow water passage off the coast of Iran, through which passes a fifth of all maritime oil transportation. Restriction of shipping through this route has led to the filling of oil storage tanks in the country, Bloomberg writes.