Daily Digest — 13 Apr 2026

Oil markets surged above \(100 per barrel as [President Trump ordered a U.S. Navy blockade of Iranian ports](https://www.cnbc.com/2026/04/12/oil-prices-iran-war-strait-hormuz-blockade.html) after peace talks collapsed, with crude jumping 8.6% to \)104.88. The escalation comes as Trump publicly criticized Pope Leo, the first American-born pontiff from Chicago, for condemning U.S. military action against Iran. Despite the geopolitical shock, broader markets showed resilience as investors appear to have already priced in much of the risk, suggesting markets may be past “peak fear.”

European politics delivered a historic upset as Viktor Orbán’s 16-year rule in Hungary ended with challenger Péter Magyar winning in a landslide, signaling potential shifts in EU dynamics. Meanwhile, the UK may be moving closer to Europe as Sir Keir Starmer plans legislation allowing adoption of EU single market rules without parliamentary votes.

Cryptocurrency markets faced headwinds as Bitcoin encountered technical resistance near $88,000, dropping 1.3% to $70,757. Regulatory uncertainty persisted as CFTC Chair Mike Selig argued for federal authority over prediction markets, while tech platforms adapted to new policies with X reducing payments to clickbait accounts amid content moderation efforts.

In the UK, social issues dominated headlines as research revealed over a fifth of “austerity children” bear lasting scars from poverty, while private NHS contractors generated £1.6 billion in profits over two years, sparking calls for profit caps.