Reuters Morning Bid Deadline shock rattles global markets
Mar 23, 2026
Global markets plunge after a sudden US deadline on the Strait of Hormuz spooks investors. Iran’s defiant response and regional risks send energy prices surging. Traders scramble as rate-hike bets flip and traditional safe havens struggle to hold. Oil’s jump threatens consumers and forces market rotation decisions.
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Deadline Sparks Fears Of Military Escalation
- President Trump set a 48-hour deadline for Iran to open the Strait of Hormuz, raising fears of escalation rather than de-escalation.
- Amanda Cooper and Mike Dolan say markets flipped from hopes of winding down to fearing direct strikes on Iran's power sites.
Geopolitics Reverses Rate Expectations
- Interest rate expectations reversed sharply as geopolitical risk pushed markets to price in higher rates again.
- Mike Dolan notes the Fed is almost 80% priced for a rate hike by year-end amid this shock.
Oil Drives Currency And Risk Moves
- Oil sits at the epicentre of market moves; currency markets waited for crude futures to open before reacting.
- Amanda Cooper says currencies did nothing initially because crude hadn't opened, then panic followed once oil moved.