U.S. President Donald Trump speaks to the media before boarding Air Force One on March 13, 2026 at Joint Base Andrews, Maryland.
Nathan Howard | Getty Images
Hello, this is Leonie Kidd writing to you from London. Welcome to another edition of CNBC’s Daily Open.
A lot of developments to digest from the war in the Middle East. President Donald Trump is putting pressure on nations to support the re-opening of the Strait of Hormuz, while also threatening to target Iran’s Kharg island once again — this time aiming for its oil infrastructure.
It marks another weekend of escalating attacks in the regions, while diplomatic channels remain as choked as the Strait of Hormuz itself.
What you need to know today
Trump says the NATO alliance faces a “very bad” future if America’s allies don’t answer his call to send military assets to help reopen the Strait of Hormuz, according to a Sunday interview with the FT. The U.S. president also said he could delay his meeting with Chinese President Xi Jinping, as he urges Beijing to help unblock the Strait of Hormuz.
Over the weekend, Trump called on China, France, the U.K., South Korea and Japan in particular to take part in a joint effort to support safe passage for tankers through the Strait. So far, there has been a mixed response to his request.
Iran’s critical oil export hub Kharg Island is now in the president’s sights, with Trump threatening strikes on the island’s oil infrastructure after hitting military targets on Friday. That definitely won’t calm the oil markets, with U.S. crude futures topping $100 a barrel once again. On Monday, the U.S. president said to reporters on Air Force One that oil prices will come “tumbling down once it’s all over.”
It has been a mixed trading session for Asian markets, while European and U.S. futures point to a flat or slightly higher open. Goldman Sachs estimates that the surge in energy prices stemming from the war in Iran could shave about 0.3% off global GDP over the next year, while pushing headline inflation higher by roughly 0.5% to 0.6%.
— Leonie Kidd
And finally…
‘One Battle After Another’ takes best picture at the Oscars
The darkly comic thriller “One Battle After Another” won best picture at the Academy Awards, leading a haul of six trophies on a Sunday night when Hollywood handed its top movie honors to unconventional stories.
The offbeat tale of political resistance traded wins with the vampire story “Sinners,” setting up a fight to the end at the Dolby Theatre.
— CNBC.com