Summary 9th March -26

Geopolitics The overnight session was dominated by one story: the Iran-Israel-US conflict escalating into an energy crisis. Bahrain's BAPCO refinery was struck, forcing a force majeure declaration on 85% of its exports. Black rain fell on Tehran as Israeli strikes hit petroleum storage, and US officials are reportedly weighing seizure of Kharg Island — the terminal handling 90% of Iran's oil exports. Iran named a new supreme leader: Mojtaba Khamenei, the son of the man killed nine days ago. This conflict is not winding down. 500,000 people have been displaced in Lebanon in 10 days. Secretary Hegseth confirmed there will be more casualties. Trump said it's "only going to get worse" for Iran. The inverse Cramer indicator, for what it's worth, suggests a brunch between Netanyahu and Khamenei's son by the weekend.