U.S. Military Strikes on Iranian Targets Intensify Market Turbulence; Iran Formulating Plans for Stock Market Reopening

Odaily News: A U.S. official stated that the U.S. military conducted strikes on military targets on Kharg Island.

As Russia benefits from the global oil price surge triggered by the Iranian situation, the country's crude oil price has risen to its highest level in over 13 years. According to data from Argus Media, on April 2nd, at Russia's largest oil export facility, the Port of Primorsk on the Baltic coast, the price of its flagship Urals crude reached $116.05 per barrel. This price excludes transportation costs and is nearly double the average $59 per barrel assumed in Russia's budget for this year. Amid the ongoing Russia-Ukraine conflict, substantial oil revenues are alleviating the Kremlin's fiscal pressure.

Furthermore, the head of the Iranian Securities and Exchange Organization stated that four plans are currently being formulated for the reopening of the Iranian stock market: 1. Maintaining existing conditions, i.e., only allowing fund trading, or reopening under current conditions without public disclosure of information; 2. Escalation of hostilities, which may lead to the suspension of all trading, including funds; 3. Reopening after a written ceasefire agreement; 4. Gradual reopening in the case of a ceasefire without a formal agreement. The Iranian stock market previously suspended trading on March 1st. (Jin10)