Daily Digest — 27 Mar 2026

Global markets plunged into correction territory as Israel launched devastating airstrikes on Iran’s nuclear and industrial infrastructure, sending oil prices soaring above \(100 per barrel for the first time in months. The attacks on Iran's Arak heavy-water plant and other critical facilities sparked a massive flight to safety, with gold jumping nearly 3% while crypto markets collapsed - Bitcoin tumbled below \)66,000 as the Nasdaq entered correction amid a broader $17 trillion market rout.

The geopolitical escalation hit particularly hard across Gulf economies, where energy exports form the backbone of national revenues. Iran’s strategic control over the Strait of Hormuz - through which a fifth of global oil flows - amplified concerns about supply disruptions, driving petrol prices in the UK above 150p per litre just as the Easter travel season begins. Meanwhile, Iran-backed hackers breached FBI Director Kash Patel’s personal emails, highlighting the conflict’s expanding cyber dimensions.

Tech stocks suffered their worst week in nearly a year as war worries combined with Meta’s twin legal defeats and a broader selloff in memory chip makers. The pain extended to crypto markets, where institutional adoption showed cracks - Morgan Stanley’s entry into Bitcoin ETFs with rock-bottom fees couldn’t offset the sector’s 5% Friday plunge. Airport chaos across the US worsened as House Republicans blocked funding for federal workers during the government shutdown.

Central banks worldwide now face a complex calculus as energy-driven inflation threatens to derail monetary easing plans. Former Dallas Fed President Richard Fisher warned that Iranian war uncertainty demands the Federal Reserve keep rates steady, even as European Commission systems fell victim to cyberattacks amid the broader regional instability.