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March 26, 2026 – 09:50

(Bloomberg) — Stocks and bonds fell across the world as Iran’s persistent rejection of the Trump administration’s push for talks to end the war in the Middle East sent oil prices higher.

S&P 500 futures dropped 0.6%, with about 48 hours to go before a US delay in strikes on Iranian energy infrastructure expires to allow for negotiations. European stocks snapped a three-day run of gains. Memory and storage makers sold off in Asia after Google touted a technique that could reduce memory needs for artificial intelligence.

Brent resumed its advance, rising 3.6% to nearly $106 a barrel. The move reignited inflation fears and pushed global yields higher as money markets priced in tighter monetary policy. Two-year Treasury yields rose five basis points to 3.94%. Gold slipped below $4,500 an ounce and the dollar was little changed.

The wrangle over a de-escalation in the Middle East has seen Iran rebuff the White House’s insistence that peace talks are ongoing and issue conditions of its own. Iran’s parliament has meanwhile begun drafting legislation to impose a fee on vessels seeking passage through the Strait of Hormuz, a key artery for crude that has effectively been shut since the conflict began.

“The issue is there’s still plenty of doubt about whether a US-Iran deal can be reached, given how Iran has publicly rejected the US on several occasions,” wrote Jim Reid at Deutsche Bank AG. “That’s seen markets become increasingly skeptical about positive headlines from the US side, because we haven’t seen similar noises from Iran.”

BlackRock Inc. President Rob Kapito said investors may be underestimating the risks stemming from the Iran war, which are likely to weigh on economic growth and drive inflation higher even if the conflict ends soon.

Oil may still spike to $150 a barrel even “if we announce tomorrow the war is over,” as it would take time for disrupted supply chains to return to full capacity, Kapito said in Melbourne on Thursday.

“What if this disruption is a week, six months, a year — what is it going to mean for the companies that I own?” Kapito said. “My biggest concern is that people aren’t looking at this – they’re just making the assumption” for an optimistic outcome.

Corporate News:

Henkel AG has agreed buy Olaplex Holdings Inc., the hair-care brand that developed a cult following for its shampoos and other treatments, in a $1.4 billion deal. Swedish fast-fashion retailer Hennes & Mauritz AB’s first-quarter sales fell short of expectations in a period plagued by weak consumption and large currency effects. Moonshot AI is in the early stages of considering an initial public offering in Hong Kong to tap investors’ growing fascination with AI, according to people familiar with the matter. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 fell 1% as of 8:46 a.m. London time S&P 500 futures fell 0.6% Nasdaq 100 futures fell 0.8% Futures on the Dow Jones Industrial Average fell 0.5% The MSCI Asia Pacific Index fell 1.2% The MSCI Emerging Markets Index fell 1.6% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was unchanged at $1.1559 The Japanese yen was unchanged at 159.47 per dollar The offshore yuan was little changed at 6.9081 per dollar The British pound fell 0.1% to $1.3349 Cryptocurrencies

Bitcoin fell 1.5% to $69,908.81 Ether fell 2.3% to $2,116.3 Bonds

The yield on 10-year Treasuries advanced four basis points to 4.37% Germany’s 10-year yield advanced six basis points to 3.01% Britain’s 10-year yield advanced seven basis points to 4.91% Commodities

Brent crude rose 3.7% to $105.96 a barrel Spot gold fell 1.7% to $4,428.56 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Neil Campling.

©2026 Bloomberg L.P.