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Traders Weigh War Impact and Reserves Release Plan
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March 11, 2026
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3:50Now PlayingJason Granet, chief operating officer at BNY, breaks down how markets are reacting to the war in Iran and a changing oil production landscape as the IEA announces the release of 400 million barrels of oil in its emergency oil reserve.
President Donald Trump said the massive release of emergency oil reserves approved by the International Energy Agency would ease energy price pressures while the US seeks to “finish the job” in its campaign against Iran.
The decision, he said during a speech in Kentucky on Wednesday evening, would “substantially reduce the oil prices as we end this threat to America and this threat to the world.”
The confirmation of the emergency oil release did little to calm volatile markets. Oil prices ended the session more than 4% higher on Wednesday after yet further volatility as the US and Iran showed no signs of lowering tensions.
The president repeated his suggestion that the war would end soon, though also suggested the US would stay as long as it takes to finish its objectives. “We don’t want to leave early, right?” he told the crowd.
Asked Wednesday whether Iran had laid mines in the Strait of Hormuz, Trump told reporters, “We don’t think so.” The Islamic Republic has placed about a dozen mines in the waterway, Reuters reported Wednesday, citing people familiar with the matter. Vladimir Putin is seizing on the turmoil in global energy markets over the war in Iran to advance Russia’s geopolitical goals.
He’s doing so by playing an extraordinary diplomatic game with Washington.
Putin spoke with Donald Trump even as Russia was feeding intelligence to help Iran’s military target US forces in the region. And the US president raised the prospect of easing sanctions just hours after Putin declared “unwavering support” for the new Iranian supreme leader.
While Putin has urged a halt to hostilities, it’s in the Kremlin’s interest for the war to continue.
With Gulf states using huge numbers of air-defense missiles against Iranian attacks and the Trump administration consumed by the conflict, the risk for Ukraine is that it gets harder to obtain weapons it needs to defend against Russia’s full-scale invasion.
Surging oil and gas prices after the effective closure of the Strait of Hormuz are delivering a financial windfall to Russia’s strug The crisis is handing him an opportunity to test Europe’s rejection of Russian energy supplies. Some European Union officials fear that economic pressures over fuel prices may deepen splits between member states, giving Moscow leverage to weaken the bloc’s support for the government in Kyiv.
Kremlin envoy Kirill Dmitriev met top Trump officials in Florida yesterday to discuss the energy crisis and “promising projects” for economic cooperation between the US and Russia.
That adds to European anxieties about Trump’s willingness to continue supporting NATO allies against Russian aggression.
Russia suffered setbacks when allies in Syria and Venezuela were toppled. It can offer little to support Tehran or help Cuba resist US pressure. Its army is bogged down in Ukraine in a fifth year of war.
Yet the Middle East crisis gives Putin a chance to achieve two key objectives: winning a favorable deal in Ukraine an Global Must Reads
Iran escalated attacks on parts of Dubai and shipping assets, as risks to global energy supplies from the US-Israeli war on Tehran deepened. Trump said a substantial release of emergency oil reserves by the 32 countries that belong to the International Energy Agency would ease price pressures while the US seeks to “finish the job” in its campaign against Tehran — though it did little to calm volatile markets.
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