"Just Another Dip Investors Will Buy": Futures Drop, Oil Rises On Renewed Iran Tension

Drone Attack On Russia's Tuapse Oil Refinery Unleashes Fire So Large It Can Be Seen From Space Russia and Ukraine have continued trading blows on key oil and energy sites, with the latest being a drone attack targeting Russia's Tuapse Oil refinery, which unleashed a fire so large it can be picked up by satellites in space. The refinery is owned by Rosneft and has suffered major attack before, in a March 2025 Ukrainian operation. Local authorities have declared a state of emergency, after schools and residential buildings suffered damage, and all...

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Services Sector Contraction In March Screams Q1 Stagflation Following S&P Global's Manufacturing PMI's better than expected print higher (signaling resilience in the face of March's war in Iran), the data released this morning showed the US Services Sector experienced a contraction of activity at the end of the first quarter of 2026. The headline S&P Global US Services PMI Business Activity Index recorded 49.8 in March, down from February’s 51.7 and lower than the earlier ‘flash’ estimate of 51.1. It was the first decline recorded in over three years amid the weakest...