Daily Market Report – March 12, 2026
On Thursday, March 12, 2026, the oil price was once again at the center of attention in the financial markets. The strong rise of Brent (TVC:UKOIL) above the $100 per barrel mark abruptly shifted investors' perceptions: no longer a gradual disinflation, but the danger of a new energy and price shock dominated. Accordingly, the major stock markets came under pressure. The Dow Jones (DJ:DJI) lost more than 700 points, the S&P 500 (SP:SPX) fell by about 1.5 percent to its lowest level since November, and the Nasdaq Composite (NASDAQ:IXIC) also declined significantly. Adobe (NASDAQ:ADBE) surprised with company-specific news: after the numbers and the announcement of CEO Shantanu Narayen's resignation, the stock fell by about 7 percent in after-hours trading. In Europe, the Dax (XETR:DAX) remained almost unchanged, but trading there also remained nervous and directionless.
At the same time, fertilizer manufacturers showed particularly strong performance: in the U.S., CF Industries (NYSE:CF) rose by about 13% and Mosaic (NYSE:MOS) increased by more than 7%. The background is the war in the Middle East and the temporary disruption of shipping through the Strait of Hormuz – a key route for ammonia, urea, and sulfur transports – leading investors to expect significantly rising fertilizer prices and a tightening of supply.
Bond, currency, and commodity markets sent the same message. U.S. government bonds were sold; particularly at the short end, yields rose as the oil price jump further dampened hopes for imminent interest rate cuts. In the currency market, the dollar index (TVC:DXY) gained, while the euro against the dollar continued to weaken under the impression of higher energy import costs for Europe; the yen against the dollar also remained weak. In the commodity market, the findings were clear: Brent (TVC:UKOIL) closed above $100 for the first time since 2022, and WTI (TVC:USOIL) also surged significantly.