4/03/2026 Daily Reports
Commodities Shockwave: Persian Gulf Disruptions Reshape Global Markets
Energy: Oil, LNG & Gas on Edge
- Oil surged above $85/bbl, the highest since July 2024, before settling near $81.40/bbl after President Donald Trump pledged safe passage through the Strait of Hormuz.
- Insurers are cancelling war-risk coverage for tankers — naval escorts may help, but implementation will take time.
- Upstream production is now being hit:
- Iraq reportedly shutting in output at Rumaila oil field
- Reductions also at West Qurna 2
- ~1.2m b/d potentially offline
- OPEC spare capacity? Mostly in the Persian Gulf — meaning limited short-term relief if disruptions persist.
Metals: Macro Forces Overpower Safe Haven Demand
- Gold dropped >5%, briefly below $5,000/oz
- Stronger USD + higher yields pressured non-yielding assets
- Equity margin calls accelerated liquidation
- Silver fell harder (~$77/oz lows) due to dual precious/industrial exposure
- Geopolitical escalation vs. higher rates & USD strength
Agriculture: Sugar, Grains & Fertiliser Shock
- MENA region imports ~60% of grains
- Hormuz + Red Sea disruptions → rerouting via Cape of Good Hope
- Longer transit times = tighter vessel availability
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Oil Surges Above $83 as Hormuz Halt Deepens Crisis; DAX and Nikkei Slide, Markets Eye Broadcom AI Earnings
- Global markets are under heavy pressure as the Middle East conflict intensifies and energy disruptions rattle investor confidence. In the U.S., attention centers on Broadcom’s fiscal Q1 2026 earnings, with a sharp focus on AI chip revenue and its massive $162 billion backlog. Pre-market updates from Dycom Industries and Bath & Body Works are also in focus. In biotech, Genevant Sciences and Arbutus Biopharma reached a $2.25 billion global settlement with Moderna over patent disputes.
- European equities are sharply lower. Germany’s DAX plunged 3.4%–4%, falling below 23,800 to a three-month low as investors react to geopolitical escalation and renewed inflation fears. Beiersdorf tumbled up to 17% after issuing a softer 2026 outlook, while Siemens Energy and Deutsche Bank dropped more than 5%.
- In Asia, the Nikkei 225 fell roughly 3%–4%, briefly slipping below 54,000. The decline reflects surging oil prices and the effective shutdown of the Strait of Hormuz, with technology and energy-linked shares leading losses.
- Brent crude surged past $83 per barrel for a fourth straight session, hitting its highest level since early 2025. Ongoing conflict, retaliatory strikes on energy infrastructure, halted Hormuz traffic, and Iraq’s 1.5 million bpd output cut have fueled the rally, partially offset by a larger-than-expected U.S. inventory build.
