Finance
Morning Bid: Little Relief From Trump
Published by Global Banking & Finance Review®
Posted on March 24, 2026
3 min readLast updated: March 24, 2026
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Published by Global Banking & Finance Review®
Posted on March 24, 2026
3 min readLast updated: March 24, 2026
Add as preferred source on GoogleMarkets’ relief from Trump’s delay in striking Iran’s power grid quickly evaporated amid continued Middle East tension. Oil rebounded above $100, Asia lagged, and sovereigns scrambled to manage energy risks while data out of Japan and upcoming PMIs added to market uncertainty.
A look at the day ahead in European and global markets from Rae Wee
The relief rally brought about by U.S. President Donald Trump's postponement of a threat to bomb Iran's power grid didn't even last a day.
With Tehran denying it had engaged in negotiations with Washington and global energy supply still crippled, risk sentiment quickly turned sour in Asia on Tuesday and Brent crude futures swiftly bounced back above $100 a barrel.
Asian shares rebounded slightly in a catch-up rally to their global counterparts from overnight, but U.S. and European futures fell in choppy trade.
The dollar clawed back its losses, while U.S. Treasury yields resumed their climb.
Even as Trump added five days to his Saturday ultimatum for Iran to reopen the Strait of Hormuz within 48 hours, the situation remains tense and there's been little sign of an imminent end to the Middle East conflict.
Iran launched multiple waves of missiles at Israel, the Israeli military said, triggering air raid sirens in parts of the country including Tel Aviv, where blasts from interceptions were heard.
The prolonged energy shock has also left governments around the world scrambling to secure supplies and finding ways to cut back on demand.
Japan plans to start releasing oil from joint stockpiles held by producing nations in the country by the end of March, Prime Minister Sanae Takaichi said in a post on X on Tuesday.
South Korean President Lee Jae Myung called for a nationwide energy-saving campaign, saying public institutions would cut back on their use of passenger cars.
Meanwhile, traders have offered Iranian oil to Indian refiners at a premium to ICE Brent after Washington temporarily removed sanctions to ease the energy crisis, three industry sources said.
Elsewhere in markets, data on Tuesday showed Japan's core consumer inflation slowed below the central bank's 2% target in February for the first time in nearly four years, making the Bank of Japan's communication more difficult as it seeks to raise still-low borrowing costs.
Flash PMI readings for the euro zone, the UK and the U.S. are also due later on Tuesday.
Key developments that could influence markets on Tuesday:
- UK, euro zone, U.S. flash PMIs (March)
- ECB's Pedro Machado, Piero Cipollone and Philip Lane speak at separate events
- Fed's Barr speaks
(Editing by Jamie Freed)
The relief rally after Trump's postponement was short-lived, with risk sentiment turning sour and Brent crude rebounding above $100 a barrel.
Middle East tensions disrupted global energy supply, pushing Brent crude higher and prompting governments to seek alternative supplies.
Japan plans to release oil from joint stockpiles, while South Korea urged public institutions to cut back on passenger car use.
Markets await flash PMI readings for the euro zone, UK, and US, as well as commentary from ECB and Fed officials.
Temporary easing of US sanctions led traders to offer Iranian oil at a premium to Indian refiners, influencing oil flows in Asia.
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