Daily Digest — 29 Mar 2026

Oil surged over 5% to nearly $100 per barrel as Iran-US tensions escalated dramatically, with the IRGC dismissing American threats while Pakistan prepared to host urgent diplomatic talks between Washington and Tehran in coming days. Gold and silver jumped over 2.5% as investors sought safe havens amid reports of US Marines deploying and Trump weighing ground operations against Iran, one month into a conflict that shows no signs of abating.

Regional powers scrambled for diplomatic solutions as foreign ministers from Pakistan, Saudi Arabia, Turkey and Egypt converged on Islamabad to discuss the Middle East crisis. The Houthis threatened further Red Sea disruptions, adding pressure to global supply chains already strained by the Strait of Hormuz blockade that prompted UK Chancellor Rachel Reeves to convene emergency energy planning meetings with industry leaders.

Markets reflected the uncertainty with stock futures sliding ahead of a holiday-shortened week, while cryptocurrencies fell modestly with Bitcoin down 0.6% to $66,252. The dollar strengthened against major currencies as traders positioned for potential military escalation, though diplomatic efforts remained active with multiple Muslim-majority nations working to broker peace talks.