Reuters Morning Bid Another day, another deadline
Mar 27, 2026
Markets grapple with a big drop in oil after political moves extend an Iran deadline. Traders wrestle with uncertainty around the Strait of Hormuz and how supply shocks could ripple into recession and inflation risks. A potential SpaceX IPO looms as possibly the largest ever, with talk of massive valuations and retail investor access.
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Oil Falls After Trump Extends Iran Deadline
- Oil futures plunged as President Trump extended a 10-day deadline for strikes on Iran, easing immediate war fears.
- The delay gives markets time to
Strait Of Hormuz Supply Shock Risks
- The Strait of Hormuz closure is removing about 11 million barrels a day from supply, making oil flows highly sensitive.
- Asian countries are dipping into reserves and any further strikes on Gulf energy facilities could spike prices dramatically.
Moody's Sees Near 50% Recession Risk
- Moody's raised the one-year US recession probability to 49% tied to sustained high oil prices through late May or Q2 end.
- Persistent elevated energy costs are feeding inflation and could tip the US into recession if they last into summer.