{"id":59750,"date":"2026-03-13T13:38:29","date_gmt":"2026-03-13T17:38:29","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/middle-east-conflict-reshapes-energy-markets-as-white-house-declares-irans-missile-capacity-destroyed\/59750\/"},"modified":"2026-03-13T13:38:29","modified_gmt":"2026-03-13T17:38:29","slug":"middle-east-conflict-reshapes-energy-markets-as-white-house-declares-irans-missile-capacity-destroyed","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/middle-east-conflict-reshapes-energy-markets-as-white-house-declares-irans-missile-capacity-destroyed\/59750\/","title":{"rendered":"Middle East Conflict Reshapes Energy Markets as White House Declares Iran&#8217;s Missile Capacity &#8220;Destroyed&#8221;"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>The White House declared Iran\u2019s ballistic missile capacity &quot;functionally destroyed&quot;<\/strong> and its navy &quot;combat ineffective,&quot; marking a decisive shift in the ongoing regional conflict.<\/li>\n<li><strong>US rig counts climbed to 553<\/strong>, with Baker Hughes (<a href=\"\/stock\/BKR\">BKR<\/a>) reporting gains in both oil and gas sectors as domestic producers respond to global supply disruptions.<\/li>\n<li><strong>The NY Fed lowered its Q1 GDPNowcast to 2.09%<\/strong>, a downward revision from 2.23% that suggests a cooling of US economic growth expectations.<\/li>\n<li><strong>Petrobras (<a href=\"\/stock\/PBR\">PBR<\/a>) has postponed critical maintenance<\/strong> at its REPLAN and REPAR refineries to prioritize immediate fuel production during the current energy crisis.<\/li>\n<li><strong>A radical New York estate tax proposal<\/strong> by Zohran Mamdani seeks to slash exemptions to <strong>$750,000<\/strong> and raise the top tax rate to <strong>50%<\/strong> to close a <strong>$5.4 billion<\/strong> budget gap.<\/li>\n<\/ul>\n<h2>Geopolitical Dominance and the Strait of Hormuz<\/h2>\n<p>The White House issued a major strategic update today, stating that <strong>Iran\u2019s entire ballistic missile capacity has been functionally destroyed<\/strong>. Military assessments now categorize the Iranian Navy as <strong>combat ineffective<\/strong>, with the US maintaining <strong>overwhelming air dominance<\/strong> over the region. This development follows weeks of &quot;Operation Epic Fury,&quot; which has systematically dismantled Iran&#39;s ability to project power or threaten international shipping.<\/p>\n<p>In response to the maritime vacuum, European diplomats are calling for the <strong>United Nations to supervise the Strait of Hormuz<\/strong>. Officials told Al Arabiya that involving the UN is the &quot;best way to ensure security&quot; for the vital waterway, which has seen a collapse in commercial traffic. The proposal aims to establish a neutral communication plan with what remains of the Iranian leadership to prevent further escalation.<\/p>\n<h2>Energy Sector Resilience and Rig Activity<\/h2>\n<p>Domestic energy activity continues to expand as Baker Hughes (<a href=\"\/stock\/BKR\">BKR<\/a>) reported the <strong>total US rig count rose by 2 to 553<\/strong> for the week ending March 13. The data shows <strong>rotary gas rigs increased by 1 to 133<\/strong>, while <strong>oil rigs rose by 1 to 412<\/strong>. This steady increase reflects a concerted effort by US operators to ramp up production as international markets grapple with the fallout of the Middle East war.<\/p>\n<p>In Brazil, Petrobras (<a href=\"\/stock\/PBR\">PBR<\/a>) executives confirmed that scheduled maintenance shutdowns at the <strong>REPLAN and REPAR refineries have been postponed<\/strong>. These facilities are among the company&#39;s largest, and the delay is seen as a strategic move to maximize refining throughput. <em>Analysts suggest that maintaining high utilization rates is critical to preventing localized fuel shortages as global supply chains remain under extreme pressure.<\/em><\/p>\n<h2>Economic Indicators and Fiscal Policy Shifts<\/h2>\n<p>The <strong>NY Fed GDPNowcast for Q1 2026 was revised down to 2.09%<\/strong>, compared to the previous week&#39;s estimate of 2.23%. This adjustment follows recent data releases that indicate a slight softening in economic momentum. Meanwhile, liquidity in the banking system showed a modest uptick, with <strong>4 counterparties taking $0.427 billion<\/strong> at the Federal Reserve\u2019s reverse repo operation, up from <strong>$0.137 billion<\/strong> in the prior session.<\/p>\n<p>On the fiscal front, New York is facing a controversial proposal from Zohran Mamdani to overhaul the state\u2019s estate tax. Mamdani aims to <strong>slash the exemption threshold from over $7 million to just $750,000<\/strong> while simultaneously <strong>raising the top tax rate from 16% to 50%<\/strong>. The plan is designed to address a <strong>$5.4 billion city budget gap<\/strong>, though critics warn it could trigger a massive exodus of high-net-worth residents and their capital.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways The White House declared Iran\u2019s ballistic missile capacity &quot;functionally destroyed&quot; and its navy &quot;combat ineffective,&quot; marking a decisive 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