Executive summary

• Middle East Escalation: Israel claimed strikes killed multiple senior Iranian officials, including the Intelligence Minister. Iran retaliated with drone and missile attacks on Israel and US assets, causing casualties and targeting energy infrastructure.
• Global Energy Disruption: Oil prices surged towards $110 a barrel following attacks on Iranian gas fields and threats to Gulf energy facilities. The Strait of Hormuz remains largely disrupted, prompting the US to waive the Jones Act for domestic shipping.
• US Economic Outlook: The Federal Reserve held interest rates steady, noting “uncertain” impacts from the Iran war and higher-than-expected wholesale inflation in February.
• AI Developments: Nvidia’s CEO lauded OpenClaw as “the next ChatGPT,” boosting Chinese AI stocks. Meta is shifting focus from its metaverse VR platform, Horizon Worlds, to prioritize AI.
• Humanitarian Concerns: A Pakistani air strike in Kabul killed over 100 at a drug rehab center. An oil spill blamed on a Russian strike in Ukraine has cut water supply in Moldova, and a Russian tanker carrying LNG is adrift in the Mediterranean, posing environmental risks.

International Relations & Diplomacy

• US-Iran Tensions & Allied Stance:
  • US National Counterterrorism Center Director Joe Kent resigned, criticizing the Iran war as influenced by the Israeli lobby.
  • The White House dismissed Kent’s claims, asserting “compelling evidence” of an Iranian threat. (Source: https://www.bbc.com/news/articles/cg4g66r3z40o)
  • President Trump’s request for allies to help secure the Strait of Hormuz was met with widespread reluctance.
  • NATO allies, including Germany, expressed hesitation to join military operations in the region.
  • France indicated willingness to assist with securing the Strait only after de-escalation of the conflict. (Source: https://www.bbc.com/news/articles/crm8g938erdo, https://www.cnbc.com/2026/03/18/france-strait-of-hormuz-ships-attacks-trump-allies-insurance-drones.html)
  • Japan’s PM Takaichi’s summit with Trump is expected to focus on this conflict. (Source: https://www.cnbc.com/2026/03/18/trump-takaichi-meeting-iran-war-japan-us-self-defense-forces-hormuz-navy.html)
• US Domestic Media Policy:
  • A US judge ordered the Trump administration to reopen Voice of America (VOA).
  • The ruling deemed the broadcaster’s effective closure “illegal” and mandated the reinstatement of journalists. (Source: https://www.bbc.com/news/articles/ce3g3j1y2ldo)
  • Federal Reserve Chair Jerome Powell stated he would remain “chair pro tem” if his successor is not confirmed by May.
  • He also affirmed he would not leave the Board of Governors until a DOJ investigation is concluded. (Source: https://www.cnbc.com/2026/03/18/powell-says-he-will-stay-on-as-head-of-the-fed-until-warsh-is-confirmed.html)
• Spain-Mexico Historical Reconciliation:
  • Spanish King Felipe acknowledged “abuse” during Spain’s conquest of Mexico, reopening a historical debate.
  • Mexican President Claudia Sheinbaum welcomed the comments as a step towards reconciliation. (Source: https://www.bbc.com/news/articles/c33j3ne2mjlo)

Major regional Events

• Middle East Conflict Intensifies:
  • Israel confirmed it killed Iran’s top security official Ali Larijani and Basij force head Gholamreza Soleimani in air strikes.
  • Iranian Intelligence Minister Esmail Khatib also reportedly killed in a targeted Israeli strike in Tehran.
  • Iranian President Pezeshkian confirmed the deaths, calling them “cowardly assassinations.” (Source: https://www.bbc.com/news/articles/c2d1dz14k51o, https://www.bbc.com/news/articles/c24deezq6meo, https://www.cnbc.com/2026/03/18/iran-war-intelligence-esmail-khatib-israel-middle-east-crisis.html)
  • Iran launched drone and missile attacks on Israel and US assets in retaliation.
  • Two people were killed near Tel Aviv in an Iranian missile strike.
  • The US embassy in Baghdad was targeted by explosive drones, and an Australian airbase in the UAE was also hit. (Source: https://www.cnbc.com/2026/03/18/iran-strikes-us-israeli-targets-gulf-larijani-death.html)
  • An Iranian cluster bomb attack in central Israel killed an elderly couple.
  • Israel reports Iran has increased its use of difficult-to-intercept cluster munitions. (Source: https://www.bbc.com/news/articles/cwy9yldgn7qo)
  • Tehran residents report increased state repression, checkpoints, and internet restrictions.
  • Citizens express “unrelenting dread” due to air strikes and security crackdowns. (Source: https://www.bbc.com/news/articles/cn9e0wrglgdo, https://www.bbc.com/news/articles/clygdwqw5dvo)
  • Israeli forces killed a Palestinian family, including two children, in their car in the occupied West Bank.
  • A witness account contradicted the Israeli army’s claim that the car accelerated towards forces. (Source: https://www.bbc.com/news/articles/c70n2x7p22do)
• Afghanistan-Pakistan Border Conflict:
  • A Pakistani air strike on a Kabul drug rehab center killed over 100 people.
  • Taliban officials claim up to 400 casualties; Pakistan denies deliberate targeting of a civilian facility. (Source: https://www.bbc.com/news/articles/c4g8n7e0l40o, https://www.bbc.com/news/articles/ckg1kgz6wkgo)
• Ukraine & European Security:
  • A Polish judge ruled that Russian archaeologist Alexander Butyagin can be extradited to Ukraine.
  • Butyagin is accused of illegal excavations and plundering artifacts in Russian-annexed Crimea. (Source: https://www.bbc.com/news/articles/c86y65j26xno)
  • An oil spill, blamed on a Russian strike on a Ukrainian hydroelectric plant, has cut water supply in Moldova.
  • A “state of alert” was declared in the Dniester river basin, affecting Balti city.
  • A Russian drone with an explosive device also landed 500m inside the Ukraine-Moldova border. (Source: https://www.bbc.com/news/articles/cwy98qnpg1jo)
  • Italy warned that a sanctioned Russian LNG tanker, damaged and adrift in the Mediterranean, could explode.
  • The vessel poses a “serious risk of a major ecological disaster.” (Source: https://www.bbc.com/news/articles/cn9e9dxw3e1o)
• Cuba’s Energy Crisis:
  • Cuba partially restored its power grid after a nationwide blackout amidst a US oil blockade.
  • President Díaz-Canel vowed “unyielding resistance” to US actions. (Source: https://www.cnbc.com/2026/03/18/cuba-crisis-trump-energy-power-blackout-fuel-havana.html)
• Latin America Border Policy:
  • Chile’s new President José Antonio Kast began building a border barrier with Peru.
  • The initiative aims to curb illegal immigration, drug trafficking, and organized crime. (Source: https://www.bbc.com/news/articles/cvg1227k00eo)
• African Wildlife Conservation:
  • Rhinos were reintroduced to Uganda’s Kidepo Valley National Park after 40 years.
  • Poaching had led to their local extinction by 1983, a major conservation effort. (Source: https://www.bbc.com/news/articles/cn4g41n9j4lo)

Global Economic & Market Movers

• Energy Market Volatility & Supply Chains:
  • Oil prices surged to nearly $110 a barrel after a reported strike on an Iranian gas field.
  • Iran threatened to strike oil facilities in Saudi Arabia, UAE, and Qatar in retaliation. (Source: https://www.bbc.com/news/articles/c78x83lpgngo, https://www.cnbc.com/2026/03/18/oil-prices-brent-wti-uae-energy-attacks-us-crude-inventories-hormuz.html)
  • Iran’s de facto blockade of the Strait of Hormuz has reduced shipping traffic to a trickle.
  • China-linked vessels are granted informal safe passage, but many other ships remain stranded. (Source: https://www.cnbc.com/2026/03/18/hormuz-bottleneck-vessel-tanker-tracker-shipping-strait-of-hormuz.html)
  • President Trump issued a 60-day waiver of the Jones Act to stabilize US oil markets.
  • This allows non-US vessels to transport goods between US ports. (Source: https://www.cnbc.com/2026/03/18/trump-jones-act-oil-iran-war.html)
  • The UK government faces pressure over rising fuel costs due to the Iran conflict.
  • Ministers are accused of using “profiteering” rhetoric against petrol retailers. (Source: https://www.cnbc.com/2026/03/18/gas-petrol-prices-rising-iran-war-uk-government-keir-starmer-rachel-reeves.html)
  • Aluminum prices surged to 4-year highs due to supply disruptions from the Iran conflict.
  • Further disruption could push prices towards $4,000 per ton. (Source: https://www.cnbc.com/2026/03/18/why-aluminum-surged-iran-war.html)
  • India’s piped natural gas (PNG) market may be impacted by the Strait of Hormuz disruption.
  • Over half of India’s LNG imports pass through this critical waterway. (Source: https://www.bbc.com/news/articles/cj6dl175w01o)
  • Sri Lanka declared Wednesdays a public holiday to conserve fuel due to war-related shortages.
  • Other Asian countries are implementing austerity measures to manage energy supply. (Source: https://www.bbc.com/news/articles/c4g5n58rlnzo)
• Inflation & Monetary Policy:
  • The Federal Reserve held its key interest rate steady at 3.5%-3.75%.
  • It cited “uncertain” implications of the Iran war and higher-than-expected inflation. (Source: https://www.cnbc.com/2026/03/18/fed-interest-rate-decision-march-2026.html, https://www.cnbc.com/2026/03/17/the-fed-issues-its-latest-interest-rate-decision-wednesday-heres-what-to-expect.html)
  • The US Producer Price Index (PPI) rose 0.7% in February, exceeding expectations.
  • Annual PPI inflation hit 3.4%, signaling persistent price pressures, especially in services. (Source: https://www.cnbc.com/2026/03/18/ppi-inflation-february-2026.html, https://www.cnbc.com/2026/03/18/treasury-yields-move-lower-all-eyes-fed-meeting.html)
• Market Performance & Trade:
  • Major US stock benchmarks rose despite higher oil prices. (Source: https://www.cnbc.com/2026/03/17/stocks-shake-off-tuesdays-oil-rise-plus-amazon-offers-even-faster-delivery.html)
  • European stocks closed lower as attention turned to the Fed and Iran war. (Source: https://www.cnbc.com/2026/03/18/european-markets-stoxx-600-ftse-dax-cac-iran-news-oil-prices.html)
  • Global hedge funds suffered significant losses due to Iran war fallout and oil price spike.
  • Traditional diversification offered little protection amid market turmoil. (Source: https://www.cnbc.com/2026/03/18/hedge-funds-suffer-worst-losses-since-liberation-day-on-iran-war-turmoil.html)
  • Japan’s exports grew 4.2% in February, beating forecasts, but shipments to China and US slumped.
  • Exports to Southeast Asian nations increased significantly. (Source: https://www.cnbc.com/2026/03/18/japan-february-exports-growth-china-us-shipments-boj-trump-takaichi.html)
  • Mitsui OSK shares surged to record highs after activist investor Elliott Management acquired a significant stake.
  • Elliott aims to improve the Japanese shipping firm’s valuation and management strategy. (Source: https://www.cnbc.com/2026/03/18/mitsui-osk-shares-jump-elliott-builds-position.html)

Science, Tech, & Health (Major Developments)

• Artificial Intelligence Advancements:
  • Nvidia CEO Jensen Huang hailed OpenClaw, an autonomous AI agent, as “definitely the next ChatGPT.”
  • Nvidia announced NemoClaw, an enterprise-grade version, for secure and scalable AI agent adoption. (Source: https://www.cnbc.com/2026/03/17/nvidia-ceo-jensen-huang-says-openclaw-is-definitely-the-next-chatgpt.html)
  • Chinese AI stocks surged after Nvidia CEO’s positive remarks on OpenClaw.
  • Chinese companies like Minimax and Zhipu are integrating OpenClaw into their offerings. (Source: https://www.cnbc.com/2026/03/18/china-ai-zhipu-minimax-after-nvidia-jensen-huang-openclaw-comments.html)
  • Meta’s Manus AI agent launched a desktop application for direct interaction with local files and applications.
  • This move aligns its AI agent more closely with OpenClaw’s local device operation. (Source: https://www.cnbc.com/2026/03/18/metas-manus-launches-desktop-app-to-bring-its-ai-agent-onto-personal-devices.html)
  • Tencent’s 2025 revenue exceeded expectations amid significant AI investment.
  • The Chinese tech giant plans to double its AI spending in 2026. (Source: https://www.cnbc.com/2026/03/18/tencent-2025-annual-revenue-ai-investments.html)
  • The AI data center boom is driving lucrative demand for skilled trade workers.
  • A severe scarcity of specialized talent is a significant constraint on global tech growth. (Source: https://www.cnbc.com/2026/03/18/ai-data-center-buildout-jobs-salary-skilled-traders-worker-shortage.html)
• Health & Medicine Innovations:
  • J&J’s once-daily psoriasis pill, Icotyde, received FDA approval.
  • This new oral option rivals existing injectable treatments for moderate to severe plaque psoriasis. (Source: https://www.cnbc.com/2026/03/18/icotyde-psoriasis-pill-from-jj-to-rival-tremfya-skyrizi-il-23-shots.html)
  • The patent on semaglutide (used in Wegovy/Ozempic) expires in India this week.
  • This will allow for cheaper generic versions, potentially halving prices and expanding global obesity treatment. (Source: https://www.bbc.com/news/articles/cx2g4411en3o)
• Tech Industry Shifts:
  • Meta is shutting down its Horizon Worlds VR platform on Quest headsets by June 15.
  • This signals a further pivot away from its metaverse focus to prioritize AI development. (Source: https://www.cnbc.com/2026/03/18/meta-horizon-worlds-metaverse-vr.html)
  • Amazon announced new one-hour and three-hour delivery options for US customers. (Source: https://www.cnbc.com/2026/03/17/stocks-shake-off-tuesdays-oil-rise-plus-amazon-offers-even-faster-delivery.html)