The War Drags On – North American Session Market Wrap for March 11, 2026

Market Overview

After the eighth trading session influenced by ongoing conflict, market volatility appears to be subsiding. Following a tumultuous Monday, traders are showing signs of fatigue due to the barrage of news and previous market trends.

Despite former President Trump's remarks suggesting an imminent end to the conflict, market reactions have been muted. Oil prices, particularly WTI, are expected to remain stable until a concrete resolution is achieved.

Geopolitical Developments

The situation in the Middle East remains tense, with Iran reportedly laying mines in the Strait of Hormuz and the U.S. taking action against Iranian mining vessels. Additionally, UAV attacks on Iranian Revolutionary Guard Corps (IRGC) positions have escalated, alongside Hezbollah's aggressive actions against Israel, which could provoke further retaliation.

Today, three tankers were reportedly attacked by Iranian forces, leading to a rebound in WTI prices, which are now fluctuating between $82 and $88.

Market Performance

As oil prices surged, metals and equities experienced declines, maintaining their typical inverse correlation. The market is expected to remain range-bound unless there is a significant breakout in oil prices.

Energy Minerals, select Consumer Durables, and Technology stocks showed some resilience, but overall, the session was marked by losses, particularly in the financial sector, which warrants close monitoring for potential impacts on stock indexes.

Cross-Asset Performance

Despite a decrease in volatility, asset classes exhibited numerous fluctuations throughout the session. WTI remains a key driver, influencing other markets negatively, except for the U.S. dollar.

Cryptocurrencies have shown surprising resilience, and their ability to maintain stability will be crucial in the coming days.

Currency Movements

The Australian Dollar has regained strength, while the Japanese Yen has weakened, influenced by their respective correlated assets. The performance of these currencies will be closely watched, especially in light of potential oil price movements.

Upcoming Economic Data

Traders should prepare for a significant data release on Friday, with particular attention to the Bank of England Governor Bailey's speech scheduled for 4:30 A.M. This could provide insights into the current state of private credit amidst ongoing market turmoil.