Stock markets in the red: Wall Street closes -1.56%, Milan -0.7%. Oil at $100

  (Il Sole 24 Ore Radiocor) - The European stocks closed lower as attacks intensified in the Middle East. Iran and the United States go on a threatening course, fuelling fears of a prolonged conflict and continued disruptions to the flow of oil through the Strait of Hormuz. Markets thus remained under pressure, with Milan's FTSE MIB closing at -0.7%, while crude oil prices began to rally again, with the Brent back above $100 a barrel. Almost all other major European markets did no better: Paris -0.7%, Frankfurt stable, Amsterdam -0.2%, Madrid -1.2% - the worst - and London -0.4%. Tehran raised its game again, declaring that the closure of the Strait of Hormuz should continue and intensifying attacks on oil tankers and energy infrastructure in the Persian Gulf. For his part, President Donald Trump retorts that if the price of oil goes up, the US 'makes a lot of money'. But the International Energy Agency (IEA) warns that the war in the Middle East is causing"the most significant disruption" in global oil supplies in international history, noting that Gulf countries are currently reducing their production by at least 10 million barrels per day due to the blockade of the Strait of Hormuz.

The new leap in crude oil was partly influenced by the words of new Iranian Supreme Guide Mojtaba Khamenei, in his first statement: 'The Strait of Hormuz will continue to be closed to put pressure on Iran's enemies'. Against this backdrop, a better-than-estimated US jobs figure, with weekly unemployment claims down by 1,000, is of no use, pending tomorrow's GDP figure. Investors are looking ahead to Fed and ECB rate cuts, which now seem more and more distant. Besides Europe, US stock markets also suffered with Wall Street indices all in the red;

In addition to Europe, the American stock markets also suffered: Wall Street suffered a sharp braking, negative with Brent crude above 100 dollars for the first time since August 2022: the Dow Jones closed at -1.56%, at 46,677.85 points, while the Nasdaq lost 1.78%, 22,311.98. The S&P 500 also did badly, at 6,672.62 points (-1.52%). In addition to Europe, American stock markets also suffered, with Wall Street indices all in the red. Here too, markets are under pressure from rising oil prices due to concerns about supply disruptions and the continuing war with Iran. Energy Secretary Chris Wright told Cnbc that the US Navy "is not ready" to escort oil tankers through the Strait of Hormuz, although it will probably be able to do so by the end of the month, he added. Traffic in the passage has virtually reached a standstill with the escalating conflict in the Middle East.

On the equities, tech losses weighed among others, with Intel and Tesla among the most noticeable declines. Meanwhile, three more foreign ships were hit in the Persian Gulf overnight, according to authorities, following the three hit on Wednesday. On Tuesday, US forces sank 16 Iranian minelaying ships near the Strait. The insurance company Chubb was announced as the main underwriter of a US government-led programme to provide insurance for the ships

On the Milan stock market, a day in which sales prevailed. In addition to the rally of Leonardo (+5.7%) after the accounts and the plan update, Tim (+2%) and Eni (+2.2%) closed with good gains. Generali (+1.5%) was also positive, with the record operating result and the new buyback. However, the losses in the banking sector weighed heavily on the list: among others, Mps (-4.3%), Mediobanca (-3.9%) and Unicredit (-3.7%) were in difficulty. Outside the main list, sales on Webuild (-8.8%) despite accounts above expectations and the 2025 plan above targets. Erg (-8.6%) and Avio (-8.7%), which will join the main basket on 23 March, replacing Popolare di Sondrio (-2.4%), also slipped after the accounts. On the other hand, Ferragamo (+10.9%), which reduced its loss to EUR 49 million in 2025, was on the rise.