{"id":59625,"date":"2026-03-10T15:38:37","date_gmt":"2026-03-10T19:38:37","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/brent-crude-plummets-11-amid-middle-east-escalation-and-israels-massive-war-budget-approval\/59625\/"},"modified":"2026-03-10T15:38:37","modified_gmt":"2026-03-10T19:38:37","slug":"brent-crude-plummets-11-amid-middle-east-escalation-and-israels-massive-war-budget-approval","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/brent-crude-plummets-11-amid-middle-east-escalation-and-israels-massive-war-budget-approval\/59625\/","title":{"rendered":"Brent Crude Plummets 11% Amid Middle East Escalation and Israel&#8217;s Massive War Budget Approval"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/brent-crude-plummets-11-amid-middle-east-escalation-and-israels-massive-war-budget-approval\/59625\/#Key_Takeaways\" >Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/brent-crude-plummets-11-amid-middle-east-escalation-and-israels-massive-war-budget-approval\/59625\/#Global_Oil_Markets_in_Turmoil\" >Global Oil Markets in Turmoil<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/brent-crude-plummets-11-amid-middle-east-escalation-and-israels-massive-war-budget-approval\/59625\/#Escalation_in_the_Strait_of_Hormuz\" >Escalation in the Strait of Hormuz<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/brent-crude-plummets-11-amid-middle-east-escalation-and-israels-massive-war-budget-approval\/59625\/#Israel_Approves_Massive_War_Budget\" >Israel Approves Massive War Budget<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/brent-crude-plummets-11-amid-middle-east-escalation-and-israels-massive-war-budget-approval\/59625\/#xAI_Secures_Controversial_Power_Permit\" >xAI Secures Controversial Power Permit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/brent-crude-plummets-11-amid-middle-east-escalation-and-israels-massive-war-budget-approval\/59625\/#European_Economic_Strategy_and_Fraud_Alerts\" >European Economic Strategy and Fraud Alerts<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Brent Crude Futures crashed 11.28%<\/strong> to settle at <strong>$87.80\/bbl<\/strong>, marking the largest one-day percentage decline since March 2022.<\/li>\n<li><strong>U.S. Intelligence reports Iran is deploying naval mines<\/strong> in the <strong>Strait of Hormuz<\/strong> using small boats, threatening a blockade of the world&#39;s most vital energy corridor.<\/li>\n<li><strong>Qatar successfully intercepted a rocket attack<\/strong> targeting the state, as regional tensions between Iran and the U.S.-Israeli coalition reach a breaking point.<\/li>\n<li><strong>Israel\u2019s Cabinet is meeting to approve a &quot;War Budget&quot;<\/strong> allocating <strong>tens of billions of shekels<\/strong> for defense spending specifically targeting the conflict with Iran.<\/li>\n<li><strong>Elon Musk\u2019s xAI won a key permit<\/strong> for a natural-gas power plant in Mississippi despite significant pollution concerns and local opposition from the NAACP.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Global_Oil_Markets_in_Turmoil\"><\/span>Global Oil Markets in Turmoil<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Brent Crude Futures<\/strong> experienced a historic sell-off on Tuesday, plunging <strong>$11.16<\/strong> to settle at <strong>$87.80 per barrel<\/strong>. This <strong>11.28% decline<\/strong> represents a massive reversal in market sentiment, snapping a three-session winning streak and falling sharply from a 52-week high of <strong>$98.96<\/strong> reached just one day prior.<\/p>\n<p>The volatility comes as traders weigh escalating military actions in the Middle East against shifting supply expectations. While geopolitical risks typically drive prices higher, the sudden double-digit drop suggests a complex market reaction to broader economic pressures and potential shifts in global strategic reserves. The United States Oil Fund (<a href=\"\/stock\/USO\">USO<\/a>) and other energy-related equities are expected to see significant <a href=\"https:\/\/stockmarketwatch.com\/markets\/pre-market\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Premarket Movers\">pre-market<\/a> movement following this settlement.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Escalation_in_the_Strait_of_Hormuz\"><\/span>Escalation in the Strait of Hormuz<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>U.S. Intelligence<\/strong> has detected Iranian forces preparing to deploy naval mines in the <strong>Strait of Hormuz<\/strong>, according to reports from <em>CBS News<\/em>. Small Iranian craft, each capable of carrying <strong>2\u20133 mines<\/strong>, have been observed moving into the waterway. This development is a significant escalation, as approximately <strong>20% of the world&#39;s oil and gas shipments<\/strong> pass through this strategic chokepoint.<\/p>\n<p>Simultaneously, <strong>Qatar\u2019s air defense systems<\/strong> intercepted a rocket attack targeting the state on Tuesday evening. The &quot;AJA Breaking&quot; report confirmed the interception, which follows an &quot;elevated&quot; threat alert in Doha. These events have heightened fears of a wider regional blockade that could permanently disrupt global energy logistics.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Israel_Approves_Massive_War_Budget\"><\/span>Israel Approves Massive War Budget<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Prime Minister <strong>Benjamin Netanyahu<\/strong> and Finance Minister <strong>Bezalel Smotrich<\/strong> announced that the Israeli Cabinet is meeting to approve a special <strong>war budget<\/strong>. The plan allocates <strong>tens of billions of shekels<\/strong> for defense spending, specifically to finance the ongoing air war and defensive operations against Iran.<\/p>\n<p>Netanyahu emphasized that the <strong>Israeli economy remains &quot;very strong&quot;<\/strong> despite more than two years of continuous conflict. However, the revised 2026 budget is expected to see the deficit target exceed the previously planned <strong>3.9% of GDP<\/strong>. Defense contractors like Elbit Systems (<a href=\"\/stock\/ESLT\">ESLT<\/a>) are likely to see increased domestic demand as the government replenishes military inventory.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"xAI_Secures_Controversial_Power_Permit\"><\/span>xAI Secures Controversial Power Permit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Elon Musk\u2019s artificial intelligence startup, <strong>xAI<\/strong>, has been granted a permit to operate a natural-gas power plant in <strong>Southaven, Mississippi<\/strong>. The facility is designed to provide &quot;behind-the-meter&quot; power for the company\u2019s massive data centers, bypassing the public grid. The move is seen as a win for Musk\u2019s aggressive AI infrastructure expansion, which he has positioned as a competitor to OpenAI.<\/p>\n<p>The permit was issued despite vocal opposition from the <strong>NAACP<\/strong> and local residents who raised concerns over <strong>noise and air pollution<\/strong>. Advocates have filed a notice of intent to sue under the <strong>Clean Air Act<\/strong>, alleging that the plant could emit over <strong>6 million tons of greenhouse gases<\/strong> annually. Investors in Tesla (<a href=\"\/stock\/TSLA\">TSLA<\/a>) continue to monitor Musk\u2019s diversion of resources and focus toward his private AI ventures.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"European_Economic_Strategy_and_Fraud_Alerts\"><\/span>European Economic Strategy and Fraud Alerts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In Europe, a <strong>German Government spokesperson<\/strong> confirmed that EU leaders have identified <strong>energy prices<\/strong> as a &quot;pressing issue&quot; for the upcoming European Council. The leaders agreed that the internal market must be strengthened and protected from <strong>unfair competition<\/strong>, with a focus on targeted and temporary measures to stabilize the economy.<\/p>\n<p>Separately, the <strong>Federal Reserve<\/strong> issued a public warning regarding a surge in phishing scams. Consumers are urged to be suspicious of unexpected messages claiming their bank accounts are compromised, as the <strong>Federal Reserve does not contact consumers directly<\/strong> regarding individual account validity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Brent Crude Futures crashed 11.28% to settle at $87.80\/bbl, marking the largest one-day percentage decline since March 2022. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[5012],"tags":[17156,4,1947,4462,4664,4824,5016,5202,5982,10237],"class_list":["post-59625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","tag-eslt-stock-eslt","tag-tsla","tag-oil","tag-brent-crude","tag-iran","tag-geopolitics","tag-israel","tag-xai","tag-energy-prices","tag-uso-stock-uso"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/59625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=59625"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/59625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50383"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=59625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=59625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=59625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}