Trump says military action against Iran will end soon

Xinhua News Agency reports that, according to the U.S. news website Axios, on the 11th U.S. President Trump said that in Iran there are “almost no targets left that can be attacked,” and that U.S. military actions against Iran will soon come to an end.

According to CCTV News, on the 11th, Fatih Birol, Executive Director of the International Energy Agency, said that member countries of the International Energy Agency have agreed to release 400 million barrels of strategic petroleum reserves to address the risk of global energy supply disruption caused by the war in the Middle East.

On March 11, international oil prices saw volatile trading at high levels. As of 22:24 Beijing time on March 11, the front-month contract for NYMEX WTI crude oil futures rose by 3%, and the front-month contract for ICE Brent crude oil futures rose by 3.53%; the latter broke through $90 per barrel.

International Energy Agency member countries

Agree to release 400 million barrels of strategic petroleum reserves

After two consecutive days of intense volatility, international oil prices rebounded. Data show that as of 22:24 Beijing time on March 11, the front-month contract for NYMEX WTI crude oil futures rose by 3% to $85.95 per barrel; the front-month contract for ICE Brent crude oil futures rose by 3.53% to $90.90 per barrel.

The sharp escalation of the geopolitical conflict in the Middle East drove international oil prices, which at one point on March 9 came close to the $120 per barrel level; since then they have fallen quickly, but they are still at relatively high levels in recent years. The surge in international oil prices has drawn significant attention from the Group of Seven and the International Energy Agency.

According to CCTV News, local time on the 11th, the energy ministers of the Group of Seven issued a joint statement saying that, in principle, all parties support taking proactive measures to address the current situation, including using strategic energy reserves when necessary.

The statement said that on the 10th, the energy ministers of the Group of Seven held a video conference, with Fatih Birol, Executive Director of the International Energy Agency, attending the meeting. The meeting discussed the impact of the conflict in the Middle East on global energy markets, including the security of oil and natural gas supply and energy prices.

The statement said that the member countries of the Group of Seven will closely coordinate with the International Energy Agency and its member countries, continue to monitor developments in energy markets, and be prepared to take all necessary measures when needed.

On the 11th, Fatih Birol, Executive Director of the International Energy Agency, said that member countries of the International Energy Agency have agreed to release 400 million barrels of strategic petroleum reserves to address the risk of global energy supply disruption caused by the war in the Middle East.

He said this move is intended to stabilize the global energy market and mitigate the impact of an escalation of the situation in the Middle East on oil supply and prices.

Divergent performance of European and U.S. stock markets

Silver prices adjust clearly

International prices of precious metals weakened, with silver prices falling notably.

Data show that as of 22:24 Beijing time on March 11, COMEX silver futures prices and London silver spot prices fell by 4.48% and 3.39%, respectively, both retreating to $85 per ounce; COMEX gold futures prices and London gold spot prices fell by 1% and 0.04%, respectively, to $5,189.9 per ounce and $5,188.11 per ounce.

Judging from the performance in equity markets, the three major U.S. stock indexes showed divergence. Data show that as of 22:28 Beijing time on March 11, the Dow Jones Industrial Average fell by 0.85%, the S&P 500 index fell by 0.24%, and the Nasdaq index rose by 0.09%.

As for European stock markets, most major indexes saw adjustments. As of 22:29 Beijing time on March 11, the UK FTSE 100 index, the French CAC40 index, and the German DAX index fell by 0.82%, 0.18%, and 0.94%, respectively.

The U.S. February inflation data released tonight show that, in the U.S., the year-on-year increase in February CPI without seasonal adjustment rose by 2.4%, consistent with market expectations and the prior figure; the year-on-year increase in February core CPI without seasonal adjustment rose by 2.5%, also consistent with market expectations and the prior figure.

In the first two months of 2026, the overall U.S. inflation rate has remained stable, and it has moved even closer to the Federal Reserve’s target inflation rate of 2%. Previously released U.S. February seasonally adjusted nonfarm payrolls were revised from the market’s expectation of an increase of more than 50,000 to a decrease of 92,000, giving the Federal Reserve more room for flexible policy adjustments. However, the recent sharp escalation of geopolitical conflict has driven a surge in international oil prices, and the risk that U.S. inflation could rebound afterward remains to be seen. It may affect, to a certain extent, market expectations for the number of rate cuts the Federal Reserve will deliver over the course of the year.

CITIC Securities said that if the situation in the Middle East continues and pushes up oil prices, it will increase the risk of inflation rising. At the same time, higher oil prices suppress consumer demand and drag on economic growth, leaving the Federal Reserve facing a trade-off between promoting economic growth and controlling inflation. It also needs more time and patience to observe. It is expected that during Powell’s term, the Federal Reserve may no longer cut rates. After Wach assumes the chairmanship of the Federal Reserve, under the baseline scenario, the Federal Reserve may cut rates 1–2 times in the second half of the year, with each cut of 25 basis points.