{"id":59755,"date":"2026-03-13T15:38:33","date_gmt":"2026-03-13T19:38:33","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/oil-surges-past-103-amid-iran-conflict-as-fed-chair-powell-secures-legal-victory\/59755\/"},"modified":"2026-03-13T15:38:33","modified_gmt":"2026-03-13T19:38:33","slug":"oil-surges-past-103-amid-iran-conflict-as-fed-chair-powell-secures-legal-victory","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-surges-past-103-amid-iran-conflict-as-fed-chair-powell-secures-legal-victory\/59755\/","title":{"rendered":"Oil Surges Past $103 Amid Iran Conflict as Fed Chair Powell Secures Legal Victory"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Brent Crude settled at $103.14 per barrel<\/strong>, gaining <strong>2.67%<\/strong> on Friday as the conflict in Iran entered its second week with no signs of de-escalation.<\/li>\n<li>A federal judge quashed subpoenas directed at <strong>Federal Reserve<\/strong> Chair Jerome Powell, ruling there was <strong>&quot;essentially zero evidence&quot;<\/strong> to support the Department of Justice\u2019s criminal probe.<\/li>\n<li>Southwest Airlines (<a href=\"\/stock\/LUV\">LUV<\/a>) announced it will <strong>end all flight operations at Chicago O\u2019Hare and Washington Dulles<\/strong>, a major retreat from high-cost primary hubs.<\/li>\n<li>Paramount Global (<a href=\"\/stock\/PARA\">PARA<\/a>) is in advanced talks with the <strong>NFL<\/strong> for a media rights renewal that could see annual payments jump from <strong>$2.1 billion to over $3 billion<\/strong>.<\/li>\n<li>Geopolitical tensions reached a new peak as Germany\u2019s Chancellor <strong>Friedrich Merz<\/strong> publicly criticized President <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a>\u2019s Iran strategy, citing the &quot;damaging&quot; impact of skyrocketing energy prices.<\/li>\n<\/ul>\n<p>In a landmark victory for central bank independence, a federal judge has quashed grand jury subpoenas issued to <strong>Federal Reserve<\/strong> Chair Jerome Powell and the Fed. The judge cited <strong>&quot;essentially zero evidence&quot;<\/strong> in the case, which reportedly centered on Powell\u2019s congressional testimony regarding a <strong>$2.5 billion<\/strong> renovation of the Fed\u2019s headquarters. <em>Legal analysts suggest the ruling effectively ends a monthslong pressure campaign by the administration to influence monetary policy through judicial means.<\/em><\/p>\n<p>Energy markets reacted sharply to escalating hostilities in the Middle East, with <strong>Brent Crude<\/strong> futures rising <strong>$2.68<\/strong> to settle at <strong>$103.14<\/strong>. Vice President <strong>JD Vance<\/strong> confirmed that Iran\u2019s new Supreme Leader, <strong>Mojtaba Khamenei<\/strong>, was injured in recent strikes, though the severity of his condition remains unconfirmed. Meanwhile, <strong>Hezbollah<\/strong> leaders warned of a <strong>&quot;long confrontation&quot;<\/strong> and promised &quot;surprises&quot; in the field, further stoking fears of a broader regional war.<\/p>\n<p>The aviation sector is feeling the immediate brunt of the conflict and rising fuel costs. Air Canada (<a href=\"\/stock\/AC\">AC<\/a>) has cancelled all flights between <strong>Toronto and Dubai<\/strong> until at least <strong>May 1<\/strong>, citing safety and operational risks. Domestically, Southwest Airlines (<a href=\"\/stock\/LUV\">LUV<\/a>) surprised the industry by announcing an exit from <strong>Chicago O\u2019Hare (ORD)<\/strong> and <strong>Washington Dulles (IAD)<\/strong>, opting to consolidate operations at its secondary-market strongholds like Midway and Reagan National.<\/p>\n<p>In media news, Paramount Global (<a href=\"\/stock\/PARA\">PARA<\/a>) is negotiating a massive price hike for its <strong>NFL<\/strong> broadcast rights. The league is reportedly seeking a <strong>50% to 60% increase<\/strong> in annual fees, which would push the cost for <strong>CBS<\/strong> Sunday games to more than <strong>$3 billion<\/strong> per year. <em>The deal would likely eliminate an opt-out clause for the 2029-2030 season, securing long-term stability for the league at the expense of significant margin pressure for Paramount.<\/em><\/p>\n<p>On the diplomatic front, President <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a> met with South Korean Prime Minister <strong>Kim<\/strong> on Friday to discuss regional security and trade. However, traditional alliances are showing signs of strain as Germany\u2019s <strong>Friedrich Merz<\/strong> turned against the U.S. position on Iran. Merz warned that the war is creating an <strong>&quot;energy supply crisis&quot;<\/strong> that Europe cannot sustain, marking a sharp departure from his earlier support for the administration&#39;s foreign policy.<\/p>\n<p>Finally, a shift in the labor market is emerging as <strong>AI agents<\/strong> have begun hiring humans to perform real-world tasks. According to a report by <strong>WIRED<\/strong>, autonomous systems are now using digital wallets to contract human workers for physical logistics and data verification. <em>This development represents a fundamental reversal of the traditional human-AI relationship, raising new questions about labor regulations and the future of the gig economy.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Brent Crude settled at $103.14 per barrel, gaining 2.67% on Friday as the conflict in Iran entered its 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