Trump Issues 48-Hour Ultimatum to Iran as Oil Surge Hits Global Markets
By Prime Research | Updated at: Mar 23, 2026 11:38 AM IST
Open Free Demat Account
President Trump has issued ultimatums on reopening the Strait of Hormuz and hinted at scaling operations, while Iran’s leadership has signalled willingness to talk but demands heavy compensation for destruction.
US equity markets ended last week with broad declines amid escalating tensions in the Middle East and sticky inflation data.
The S&P 500 fell 1.9% to close at 6506, marking its fourth straight weekly loss—the longest streak in over a year. The Nasdaq dropped 2.1% to 21,647, now 9.6% off its peak and nearing correction territory. The Dow Jones shed 2.1% to 45,577, while the Russell 2000 entered a correction with a 2.3% plunge on Friday.
Iran’s strikes on energy infrastructure in Qatar and Kuwait, plus Iraq’s oilfield force majeure, drove Brent crude briefly above $112, now trading near $107, fuelling inflation fears.
The Fed held rates at 3.5%-3.75%, raised its 2026 inflation forecast to 2.7%, and signalled a higher bar for cuts. Triple options expiration in the USA amplified selling on Friday.
Indian equity markets ended the week on a flat note amid high volatility driven by geopolitical tensions, surging crude oil prices and a weakening rupee near ₹93.35/USD.
The Nifty closed at 23,114, marginally down by 36 points for the week. Early gains on Monday were erased by mid-week selling, with a sharp Thursday correction followed by Friday recovery.
FIIs remained heavy net sellers amid global risk-off sentiment, while DIIs countered, providing stability.
Markets in Asia are sliding today while U.S. bond yields hit eight-month peaks as the United States and Iran traded escalating threats and Israel planned for “weeks” more fighting, sending oil prices on another roller-coaster ride.
Market men are eyeing developments in West Asia and the oil trajectory for further cues.
Indian markets are poised to open more than 1% lower over rising uncertainty in the Gulf region.
Disclaimer
At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.
If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.
Please Note: The information shared is intended solely for informational purposes and does not make any investment recommendations
If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.
Please Note: The information shared is intended solely for informational purposes and does not make any investment recommendations
