Daily Digest — 27 Mar 2026

Oil surged over 7% to breach $101 as escalating tensions in the Gulf dominated markets, with Houthis warning they have “fingers on the trigger” for direct military intervention in the widening conflict between the US, Israel, and Iran. The mountainous Iranian coastline gives Tehran significant control over the Strait of Hormuz, one of the world’s busiest oil shipping channels, amplifying concerns about supply disruptions.

Wall Street suffered its worst week in nearly a year, with the Dow plummeting almost 800 points into correction territory as higher oil prices and spiking Treasury yields weighed heavily on equities. Crypto markets mirrored the broader selloff, with Bitcoin falling 4% to \(65,940 and the sector continuing its pattern of Monday gains turning to Friday losses since the Iranian conflict intensified. Despite the carnage, safe-haven assets rallied with gold climbing 2.5% to \)4,521.

In the UK, Asda’s boss rejected profiteering claims as petrol prices topped 150p ahead of the Easter break, while polio virus was detected in London just days before ministers controversially cut global eradication funding. Meanwhile, tech giants made strategic moves with Morgan Stanley entering the bitcoin ETF race at market-leading low fees, and SoftBank securing a $40 billion loan from JPMorgan and Goldman Sachs, pointing toward a potential 2026 OpenAI IPO.

The week’s upheaval underscored how quickly geopolitical tensions can reshape global markets, with energy security concerns driving a flight to traditional safe havens while growth assets bore the brunt of uncertainty.