Thursday, March 12, 2026…4:10 PM ET
[4:00 PM ET closing prices for stocks; 3:50ish for commodities and bonds.]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri., Feb. 27…regular gas $2.98…diesel $3.75
Thurs., Mar. 12…reg. $3.59…diesel $4.86
Oil surged anew overnight Wednesday after reports that two oil tankers were hit in Iraqi waters, with terrifying video, in the latest in a string of attacks on ships in the Persian Gulf. Brent crude (the international benchmark) hitting $100 and then doing so again during the day Thursday, with West Texas Intermediate at $96/$97 early on.
Iran’s new Supreme Leader Ayatollah Mojtaba Khamenei issued his first statement on the war, saying that the leverage of closing the Strait of Hormuz should be used, and that attacks on Iran’s Gulf Arab neighbors will continue. Khamenei also called on Gulf Arabs to “shut down” U.S. bases, saying promised U.S. protection was “nothing more than a lie.”
Khamenei did not appear on camera, a statement read by a news anchor with no explanation given on state television. Israeli intelligence assessed that Mojtaba was likely wounded in the war’s opening salvo.
“The lever of closing the Strait of Hormuz must certainly continue to be used as well. Studies have also been conducted on opening other fronts in which the enemy has little experience and would be highly vulnerable. Their activation will take place, if the wartime situation continues and in accordance with considerations of expediency,” Khamenei said.
“Our sincere thanks go to our brave fighters who, at a time when our nation and beloved homeland have been unjustly attacked by the leaders of the front of arrogance, have blocked the enemy’s path with their powerful blows and dispelled their illusion of being able to dominate our beloved country or possibly divide it.”
“I assure everyone that we will not refrain from avenging the blood of your martyrs. The retaliation we have in mind is not limited only to the martyrdom of the great leader of the Revolution; rather, every member of the nation who is martyred by the enemy constitutes a separate case in the file of revenge,” he said.
“A limited portion of this retaliation has already taken tangible form, but until it is fully achieved, this file will remain open above other cases. We will be especially sensitive regarding the blood of our children. Therefore, the crime the enemy deliberately committed against the Shajareh-Tayyebeh school in Minab, and some similar cases, holds a special status in this process of accountability.”
The new ayatollah, 56, signaled a continuation of his slain father’s strategy in confronting the United States and Israel. He signaled a willingness to continue the war that has disrupted global energy supplies, international travel and the relative safety enjoyed by the Gulf Arab states that have lived in the shadow of Iran’s theocracy for decades.
“These countries must clarify their position regarding those who have attacked our beloved homeland and killed members of our people. I recommend that they shut down those bases as soon as possible, because by now they must have realized that the United States’ claims of providing security and peace have been nothing more than a lie,” Khamanei said.
His statement aired as an Iranian attack targeted Israel. Khamenei said only a limited part of Iran’s retaliation had been realized so far in the war.
President Trump on Truth Social, 9:14 AM:
“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money. BUT, of far greater interest and importance to me, as President, is stoping (sic) an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World. I won’t ever let that happen! Thank you for your attention to this matter.”
—
In the world of sports…Justin Thomas, after a 79-79 last week at the Arnold Palmer Invitational at Bay Hill in his first start after back surgery, today shot a 68 (-4) at The Players Championship. Great to see, if you are a golf fan.
It was a record 82 degrees Tuesday and Wednesday at Newark International Airport and this afternoon at global HQ for StocksandNews, about 15 miles from same, it’s snowing.
They say in Ireland, ‘wait 15 minutes and the weather will change.’ They don’t normally say that about New Jersey. Time for a pint….
Dow Jones -739…-1.6% [46677]
S&P 500 -103…-1.5% [6672]
Nasdaq -404…-1.8% [22311]
Oil (WTI) $96.40
Gold $5090
Silver $84.70
Bitcoin $70,440 [4:00 PM ET]
U.S. 2-yr. 3.73%
U.S. 10-yr. 4.25%…would be highest weekly close since Aug. No rate cut anytime soon, boys and girls, despite President Trump’s late tweet today….
Japanese 10-yr. 2.17%
Check out my Week in Review tomorrow, posted Fridays at around 4:30 PM ET.
Brian Trumbore
