Market Buzz · 3 min read · March 17, 2026
The Week Everything Went Up… Except Chelsea
By Aztran Research Team
The week was thrilling, pure adrenaline for football fanatics. Tuesday and Wednesday night Champions League football served up drama, but the real headline — Chelsea, the proclaimed "World Champions" — got absolutely humbled in high definition. Five goals to two! That's not just a defeat; that's a demolition job.
It was the kind of match that fuels banter for weeks, Chelsea fans were suddenly quieter than a WhatsApp group after a bad joke, while rival supporters were dancing like they'd just won the lottery. Midweek football chaos? Certified unforgettable.
But if football was the appetizer, crude oil was the main course. Price reaction to Trump's every word this week was like seeing a hyperactive dance floor. One moment, his promise that the Iran conflict would end 'very quickly' sent prices tumbling from a dizzying $115 per barrel down to $88 like a DJ suddenly cutting the beat and everyone rushing off the floor. Then, just as traders caught their breath, Trump warned of "terrible consequences" if Iran messed with the Strait of Hormuz, and boom! the market shot back above $100, like the DJ dropping a surprise remix that had everyone sprinting back to the centre, arms in the air. Crude price remained elevated over the relentlessness of Iran.
Energy costs followed suit, climbing like a rollercoaster that refuses to stop. In the U.S., gasoline had jumped 20% while diesel had gone full rocket mode with above 15% surge. Nigeria hasn't been spared either, PMS prices have surged by more than 50%, and aviation fuel by 63%, leaving airline operators warning of a likely 25% hike in fares. Even bus commuters are feeling the pinch, as transport costs creep upward like a sneaky subscription fee you forgot to cancel.
Analysts are already sounding the alarm: if crude supply disruptions persist, we could be staring at a reawakening of global inflationary pressures, all powered by rising energy costs. To cool things down, the IEA has agreed to release 400 million barrels from strategic reserves, more like trying to prevent the spread of a fire before the fire service unit arrives.
But the real plot twist? The U.S. issuing a 30-days sanction waiver for purchase of Russia oil. Yes, you read that right, Russia! The irony is almost cinematic: U.S trying to tame oil prices by turning to the very supplier it once kept at arm's length.
U.S Inflation
Like the "main babe" who gets sidelined for the "side chick," U.S. inflation data of February 2026 showed up dressed to impress but barely got noticed. The CPI rose 0.3% month-on-month, with annual inflation at 2.4% unchanged, right in line with expectations. Core CPI (excluding food and energy) ticked up 0.2%, while food prices climbed 0.4%, eggs even dropped a dramatic 42% year-on-year, proving breakfast got cheaper even if rent didn't. Shelter costs nudged higher, but nothing screamed "crisis." Yet Wall Street traders were too busy watching crude oil prices move to Trump's every word about Iran. Inflation was like the bride at a wedding, but the cameras kept zooming in on the surprise ex crashing the stage. The CPI print mattered for the Fed's policy outlook, but in the market's eyes, the Middle East conflict matters more.
Where's the money?
The escalation of the conflict has amplified global risk aversion, driving investors toward the relative safety and liquidity of the US dollar. Concurrently, markets are reassessing the trajectory of US monetary policy, with renewed inflationary pressures from elevated energy costs prompting expectations of a slower pace of easing.
Reflecting these dynamics, the US Dollar Index (DXY) has posted its strongest multi-week rally in over 18 months. As of this report, the DXY stands at 100.11, up 2.4% since coalition strikes commenced on 28 February 2026. Thus, showing increased appetite to hold cash amidst the conflicts.
If disruptions in the Strait of Hormuz linger significantly longer, it is likely to create a situation where inflation becomes embedded. In response, several central banks may be compelled to reassess their monetary stance, with rate hikes increasingly likely as a tool to counter mounting inflationary pressures.