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Trump Demands Iran Surrender as War Upends Global Markets
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March 6, 2026
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6:02Now PlayingBrian Gardner, Chief Washington Policy Strategist at Stifel, discusses the House's move to strike down an Iran war powers resolution and how the conflict in the Middle East may affect primary election dynamics.
US President Donald Trump demanded Iran surrender as the war on the Islamic Republic raged for a seventh day, with the impact reverberating across global supply chains and energy markets.
Washington doesn’t want to negotiate an end to the conflict and will only accept “UNCONDITIONAL SURRENDER!” Trump wrote on Truth Social on Friday.
Brent crude futures hit $90 a barrel for the first time in almost two years, with shipping through the Strait of Hormuz at a near-total halt and energy exporters scrambling for routes out of the region. Danish container giant A.P. Moller-Maersk A/S suspended two services spanning the Far East to Europe due to security risks.
Qatar warned that a protracted war could “bring down the economies of the world,” predicting that all Gulf energy exporters would shut down production within weeks, the Financial Times reported Friday, citing an interview with the country’s energy minister.
The Wall Street Journal reported that Kuwait has begun cutting production at some oil fields after running out of places to store bottled-up crude, the latest sign of a hit to supply in the region.
A global bond rout continued unabated as concerns mount among traders that climbing energy prices will force central banks to slow their pace of rate cuts. The dollar is rising the most on a weekly basis since 2024.
Emerging markets have seen a sell off of their assets. Turkey has spent $12 billion, equal to roughly 15% of its foreign-currency reserves, to keep the lira stable this week.
Iran fired a barrage of missiles and drones targeting a number of Gulf countries overnight and into Friday, with particularly powerful blasts heard in Kuwait. Bahrain was also attacked. Missile alerts were sent to residents in Dubai on Friday for the second day running.
Israel — acting with the US — maintained airstrikes on the Islamic Republic. The country’s forces “significantly expanded” its ground presence inside Lebanon, where forces have stepped up their assault on Tehran-aligned Hezbollah, and unleashed a wave of airstrikes on Beirut’s southern suburbs.
Trump said Thursday that “action to reduce pressure on oil is imminent,” as US gasoline pump prices advanced to the highest level since September 2024. Rising fuel prices could be particularly damaging for Trump ahead of midterm elections in November.
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