A foreign tanker carrying Iraqi fuel oil damaged after catching fire in Iraq’s territorial waters, following unidentified attacks that targeted two foreign tankers, according to Iraqi port officials, near Basra, Iraq, March 12, 2026.
Mohammed Aty | Reuters
Hello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
U.S. President Donald Trump is looking to enlist other countries in helping secure the Strait of Hormuz as oil prices stay elevated. But his requests are yet to be accepted, as tensions in the Middle East escalate with Iran continuing to target its neighbors.
And even as the U.S. stays embroiled in one conflict, Trump is apparently looking to start another one.
What you need to know today
U.S. President Donald Trump’s appeals that other countries help the U.S. secure the Strait of Hormuz seem to have received a less than enthusiastic response, but Trump struck a confident tone Monday stateside, telling reporters the White House will soon announce the names of nations that have agreed to assist.
Washington, meanwhile, is looking to postpone a meeting between Trump and Chinese President Xi Jinping as the conflict with Iran prolongs.
As oil prices stay elevated, Treasury Secretary Scott Bessent said Washington was allowing Iranian oil tankers to transit the Strait: “we’ve let that happen to supply the rest of the world.”
U.S. West Texas Intermediate crude futures were trading about 2% higher at $95.34 per barrel, while global benchmark Brent was up 1.8% at $102.03, after prices declined on Monday.
The jump in prices comes as Iran continues to target its neighbors, with reports of missile and drone strikes hitting Dubai on Tuesday, prompting the United Arab Emirates to temporarily close its airspace.
Despite the U.S. being embroiled in Iran, Trump seems to be mulling taking the world’s largest economy into another conflict, saying Monday that he will have the “honor” of “taking Cuba.”
“Whether I free it, take it, I think I can do anything I want with it,” he said, words that are likely to keep markets on edge.
On the tech front, Nvidia boss Jensen Huang gave a shot in the arm to the AI world, saying he expects purchase orders of the company’s Blackwell and Vera Rubin AI systems to reach $1 trillion through 2027, doubling from prior estimates of $500 billion.
Nvidia also expanded deals for its autonomous vehicle development business to Hyundai Motor, Nissan Motor and Isuzu, as well as Chinese automakers BYD and Geely.
— Lim Hui Jie
And finally…
Why traders are getting nervous about Iran’s $200 oil warning
Energy analysts and traders said Monday that they wouldn’t be surprised if oil prices climb to as high as $200 per barrel as the sprawling Middle East crisis drags on.
It comes as the U.S. and Israeli-led war on Iran continues to disrupt oil production and shipping in the region, with traffic through the strategically vital Strait of Hormuz effectively grinding to a halt in recent weeks.
— Sam Meredith
