World Business Report Markets rally as Trump signals progress with Iran
Mar 23, 2026
Surinjana Tawari, BBC Manila correspondent covering fuel-price pain and street protests. Rachel Winter, investment manager at Killick & Co, offering market and oil commentary. They discuss markets rallying after US-Iran talk claims. They cover oil plunges, stock and bond moves, social disruption from higher fuel costs, and a major food brand acquisition.
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Markets Rally On Hints Of US‑Iran Progress
- Markets reacted swiftly to President Trump's claim of productive talks with Iran, pushing oil down over 11% and the S&P 500 up about 2% at open.
- Rachel Winter highlighted bonds and gold rising/falling as signs investors see reduced inflation risk, though oil remains ~50% above last year's level.
Oil Drop Eases Inflation Yet Stays Elevated
- Oil's drop to just under $100 a barrel eased immediate inflation pressure but remains substantially higher than late last year when it was about $60.
- Rachel Winter noted gold fell ~3% and bond prices rose, signalling investor comfort with lower near‑term risk perceptions.
Philippines Faces Fuel Shortages And Social Strain
- In Manila queues formed at petrol pumps and jeepney drivers faced a 50% diesel price rise, prompting protests and a four‑day government workweek.
- Surinjana Tawari reported disrupted school commutes and restaurants hit by higher transport and cooking costs.