Midnight, across-the-board plunge! Strait of Hormuz, major news! Iran: hit US Fifth Fleet

Strait of Hormuz, breaking news!

On March 19, according to the Global Times citing the Tehran Times social media account, Iran’s parliament is pushing a bill that would require ships passing through the Strait of Hormuz to pay tolls and taxes to Iran.

Following this news, Brent crude oil prices narrowed their gains significantly. As of press time, Brent futures rose by 3.28% to $106.30 per barrel, after previously surging nearly 9% to $112 per barrel.

On the evening of the 19th, European stock markets all plunged. As of press time, the UK FTSE 100, France CAC 40, and Germany DAX 30 all fell over 2%. The three major US stock indexes also declined: Dow down 0.81%, Nasdaq down 0.68%, S&P 500 down 0.60%.

Technology stocks fell across the board, with Tesla dropping over 3%, Micron Technology and Netflix down more than 2%, Nvidia, Amazon, and Facebook down over 1%, Google down 0.82%, and Microsoft down 0.45%. Most Chinese concept stocks also declined: Nasdaq Golden Dragon China Index down 1.46%, Alibaba down over 6%, Tiger Securities down over 5%, Baidu and Bilibili down over 2%, JD.com and Li Auto down over 1%.

After last week’s US unemployment claims data was released, traders no longer bet on a Fed rate cut in 2026. They increased their bets on a rate hike by the European Central Bank, with a 75% probability of a third rate hike this year.

Breaking news from the Strait of Hormuz

According to the Global Times citing the Tehran Times social media account on March 19, Iranian lawmakers revealed that the Iranian parliament is pushing a bill that, if the Strait of Hormuz is used as a safe passage for ships, energy, and grain transportation, relevant countries would be obligated to pay tolls and taxes to Iran.

Additionally, according to Xinhua News Agency, on March 18, US Politico reported, citing sources, that the US is pressuring allies to issue statements supporting the safe navigation of the Strait of Hormuz, but not demanding specific military commitments.

The report, citing informed European officials, said that the Trump administration’s current focus is less on concrete military contributions from allies and more on political support. The official stated that the Trump administration is urging European and Asian allies to make public commitments by the end of this week.

The report also said that President Trump is increasingly dissatisfied with allies’ lack of active participation in securing shipping through the Strait of Hormuz. On the 17th, he posted on “Real Social” that “We don’t need anyone’s help.” On the same day, Trump told reporters in the White House Oval Office, “I don’t know if NATO will step up for us, so this is a good test. We don’t need them, but they should support us.”

So far, several European allies of the US have explicitly ruled out military involvement.

UK Prime Minister Rishi Sunak stated, “Europe cannot be distracted by the Middle East,” and that ensuring navigation through the Strait of Hormuz is not NATO’s task; the UK “will not be drawn into a broader (Middle East) war.”

French President Emmanuel Macron said France is not a party to the conflict and will not participate in any actions aimed at “unblocking” the Strait of Hormuz. However, he added that once the situation is calmer, France is willing to work with other relevant countries to build a convoy system.

A European diplomat involved in consultations told Politico, “Leaders are clear that their relationship with the US is one-way; they can’t rely on the US as they did in the past. But most countries still want to avoid a complete rupture.”

EU High Representative for Foreign Affairs and Security Policy Josep Borrell said in Brussels on March 16 that “this is not Europe’s war.” He also stated that EU member states have no intention of expanding the current maritime escort operation “Operation Shield” to include the Strait of Hormuz.

On the same day, German Chancellor Olaf Scholz said Germany would not participate in military operations to protect oil tankers in the Strait of Hormuz, emphasizing that the Iran conflict is not a NATO matter.

White House Press Secretary Karine Jean-Pierre on March 18 said the US is maintaining communication with European and Middle Eastern allies, urging them to “step up efforts” to help ensure the safe passage through the Strait of Hormuz.

On March 19, local time, Dutch Prime Minister Mark Rutte stated at the EU Spring Summit that the US and Israel’s attacks on Iran are not a direct European war, and Europe cannot participate.

Rutte also emphasized that the Netherlands is willing to work with France and other countries to provide security guarantees for Europe. He noted that the EU currently has no clear, mature action plan, and the situation in the Strait of Hormuz remains highly volatile, making it unsuitable to launch related missions at this time.

He said the focus should now be on de-escalating the situation, and then further measures can be considered.

Iran: Striking the US Fifth Fleet

According to CCTV News, on March 19, Iran’s Islamic Revolutionary Guard Corps announced that at dawn that day, Operation “Real Commitment-4,” the 64th wave, was officially launched, targeting military sites in central and northern Israel.

The targets reportedly included Ben-Gurion Airport, Haifa, and Rishon LeZion. The announcement also claimed that the US Fifth Fleet was hit.

On the same day, Iran’s military issued a statement saying that in retaliation for the sinking of the “Dena” vessel and the death of former intelligence minister Hatib, Iran launched a large-scale drone attack from dawn, targeting Israel’s National Security Agency, the location of Israel’s Channel 13 TV station, and a military camp near Lebanon and Syria’s border.

Iran emphasized that this round of attacks used a new generation of suicide drone swarms.

The UAE’s defense department announced on March 19 that the country’s air defense systems successfully intercepted 7 ballistic missiles and 15 drones from Iran. The statement said that since the escalation in the Middle East, the UAE’s air defenses have intercepted a total of 334 ballistic missiles, 15 cruise missiles, and 1,714 drones. So far, the attacks have resulted in 8 deaths and 158 injuries.

Additionally, UK maritime security firm Ambrey reported on March 19 that a commercial vessel near Abu Dhabi Freeport, about 40.2 nautical miles northwest, experienced an explosion about 4 to 5 nautical miles ahead on the port side. The same day, the company also reported that another vessel was hit by an unidentified flying object about 11 nautical miles east of Hurfakan, UAE, and abandoned ship. No casualties were reported in either incident.

Trump allies warn: US economy cannot withstand high oil prices

According to CCTV News on March 19, ongoing Iran conflicts are increasingly impacting oil prices, US inflation, and the overall economy. Owen John Anthony, an economist nominated by former President Trump to head the Bureau of Labor Statistics, warned that the US economy cannot bear high oil prices. US media say the Trump administration is facing a “fragile moment.”

Anthony said, “The US economy is weaker than we thought, and inflation is worse than we imagined… The economy cannot withstand oil at $100 per barrel.”

He explained that “lower energy prices in 2025 helped bring down overall prices, but now… we will see energy prices rise, which will have the opposite effect, pushing prices higher across the economy.” He also emphasized that US employment growth is sluggish, partly due to federal layoffs last year.

Anthony is the chief economist at the conservative think tank The Heritage Foundation and participated in drafting the Republican conservative policy blueprint “The 2025 Plan.” On August 1, 2025, Trump dismissed then-Labor Secretary Erica McKenna for allegedly manipulating non-farm employment data for political reasons. Anthony was nominated to replace her that month, but the nomination was withdrawn by the White House after more than a month, mainly because both parties believed he lacked government experience and that his social media comments were inappropriate.

On March 18, the Federal Reserve announced it would keep interest rates unchanged. Fed Chair Jerome Powell said in a press conference that “the net impact of the oil crisis will continue to be downward pressure on spending and employment, and upward pressure on inflation,” and that it’s still unclear how long and how severely the Middle East situation will affect the US economy.

Citi analysts believe Brent crude futures could rise to $120 per barrel within days. If energy infrastructure is widely attacked and the Strait of Hormuz remains closed for an extended period, the average price of Brent crude futures could reach $130 per barrel in the second and third quarters of this year.