Oil Surges Past $100 a Barrel, Iran Names New Supreme Leader | The Opening Trade 3/9/2026
Original Report
UAE, Kuwait and later Saudi Arabia announced that they are curbing oil output as the impact of the near-closure of the crucial Strait of Hormuz rips through energy markets. Crude surged past $100 per...
UAE, Kuwait and later Saudi Arabia announced that they are curbing oil output as the impact of the near-closure of the crucial Strait of Hormuz rips through energy markets. Crude surged past $100 per barrel in early trading with Brent futures nearing $120 before paring gains. Meanwhile, European natural gas futures jumped as much as 30%, extending its biggest weekly advance since the start of the Iran conflict. Elsewhere, Iran selected Mojtaba Khamenei, the hardline son of the assassinated Ayatollah Ali Khamenei, as its new supreme leader, signaling Tehran won’t back down in a war now raging across the Middle East and causing turmoil in energy markets. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Lizzy Burden and Tom Mackenzie. (Source: Bloomberg)
Glass House Analysis
International economic policy has concrete impacts far beyond diplomatic circles. Tariffs show up in the price of goods at stores, supply chain disruptions affect whether products are on shelves, and trade tensions can mean job losses in export-dependent industries. The globalized economy means that decisions made abroad can affect workers and consumers domestically.
Energy prices affect virtually every aspect of daily life—from commuting costs to heating bills to the price of groceries (which must be transported). For working families, energy represents one of the most volatile and impactful line items in their budgets. Energy policy decisions ripple through the economy, affecting everything from manufacturing competitiveness to household financial stress.
The implications extend beyond the immediate news cycle. Every economic development creates ripples that affect employment, prices, and opportunities in ways that may not be immediately visible but are deeply felt. By tracking these connections, we can better understand how the economy truly works—not as an abstract machine, but as a human system shaped by and shaping the lives of millions.
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