U.S. Military Strikes on Iranian Targets Intensify Market Turbulence, Iran Formulating Plan to Reopen Stock Market

Odaily reported that a U.S. official stated the U.S. military conducted strikes on military targets on Kharg Island.

As Russia benefits from the global oil price surge triggered by the situation in Iran, 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 the Primorsk port, Russia's largest oil export facility on the Baltic coast, the price of its flagship Urals crude reached $116.05 per barrel. This price excludes transportation costs and is almost 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. Maintain existing conditions, i.e., only allow fund trading, or reopen under current conditions without public disclosure of information; 2. Escalation of hostilities, which may lead to the suspension of all trading, including funds; 3. Reopen after a written ceasefire agreement; 4. Gradually reopen in the case of a ceasefire without an agreement. The Iranian stock market previously suspended trading on March 1st. (Jin10)