The Rundown Adobe’s CEO Steps Down, Oil Tops $100
Mar 13, 2026
Oil surges past $100 after the Strait of Hormuz is closed, shaking global supply and markets. A major tech CEO announces a leadership change amid subscription and AI concerns. Tesla posts a big sales rebound in China while rivals falter. Fertilizer prices spike, squeezing farmers. Luxury retail warns of slower growth and baseball team values soar despite tiny profits.
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Strait of Hormuz Shock Sends Oil Above $100
- Oil spiked over 9% to above $100 because the Strait of Hormuz is closed, trapping about 20% of global oil supply.
- Iran reportedly laid naval mines and the IEA calls this the largest oil supply disruption ever, while front-month futures trade far above December WTI.
Reserves Help Short Term But Can't Replace Lost Supply
- Governments released strategic oil reserves and the U.S. allowed waivers to buy sanctioned Russian oil to blunt the shock.
- Zaid notes these moves can't permanently replace roughly 20 million barrels per day, so markets still expect prices to ease by year-end (December WTI ~ $75).
Adobe CEO Steps Down Amid AI Concerns
- Shantanu Narayen is stepping down after 18 years and will stay as chairman once a successor is named.
- Under his tenure Adobe transformed to subscriptions, growing revenue ~6x to ~$24B, but AI fears have cut the stock over half since 2021 and P/E is ~11x.