The Powers That Be: Daily Wall Street’s Iran Reckoning
Mar 10, 2026
Bill Cohan, author and financial journalist with deep Wall Street expertise, walks through markets' reaction to the Iran confrontation. He explains why oil spiked and how Hormuz disruptions ripple through fertilizers, airlines, and metals. They discuss market panic, bond moves, political timing, and why economic effects may outlast the headlines.
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Global Oil Shock From Strait Of Hormuz Disruption
- Bombing Iran and closing the Strait of Hormuz predictably caused an intense, rapid oil spike and market turmoil.
- Bill Cohan notes Strait closures matter because ~60% of world oil flows there, triggering swift global price moves.
California Pump Pain Felt Within Days
- A family friend in California reported paying roughly $1 more per gallon compared to a week earlier amid the spike.
- Peter Hamby used this real example to illustrate how quickly consumers feel oil shocks at the pump.
Leader Statements Can Reverse Market Panic
- Presidential rhetoric can quickly calm markets even if the reality is uncertain.
- Cohan argues Trump's announcement the war was nearly over helped unwind some panic-driven trades and oil positioning.