Trump issued a 48-hour ultimatum to Iran on Friday demanding the Strait of Hormuz reopen. The deadline passed overnight with no resolution. US forces continue searching for a missing serviceman as Iran rallied public support to find the "enemy pilot."
Gulf states pivoted to infrastructure solutions. Saudi Arabia and neighbors revisited massive pipeline projects to bypass the strait entirely per FT reporting. The plans replicate Saudi's East-West pipeline despite huge cost and complexity. Energy traders that normally thrive on volatility got wrongfooted by the crisis scale.
Oil hit $120 as prediction markets surged on extended conflict scenarios. Brent posted its biggest monthly gain since 1988 data began soaring 60% in March alone. Global rationing accelerated from Bangladesh to Zambia as governments imposed fuel demand cuts.
Asia-Pacific markets rebounded on Easter trade Friday showing cautious optimism. European stocks closed higher despite intensifying Iran war pressure. The dollar strengthened on haven demand yet analysts predicted the rally will fade as broad safe-haven appeal erodes.
Gold dropped on stronger dollar and rising rate-cut fade expectations. Chinese government bonds emerged as the lone war haven with yields down marginally while other major economies saw yields rise.
TSN Tyson Foods workers planned to halt their strike at the major meatpacking plant and resume negotiations. Pilgrim's Pride avoided extended disruption as labor tensions eased. Bank of America settled Epstein-related sex abuse claims benefiting up to 75 women.
India's central bank blocked non-deliverable rupee derivatives in the onshore market making it harder to short the currency. US Treasury called in regulators for private credit risk discussions including international insurance watchdogs.
Wall Street office demand rose in New York despite relocation talk as Apollo sought southern headquarters expansion.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
