Insights

Weekly Market Commentary – 27th March 2026

30 March 2026

This week, like every week since the US attacked Iran, investors have been trying to figure out when Donald Trump will finally call it a day. The mixed messages coming from the White House have driven huge swings in oil and gas and government bonds as Trump has switched from threatening to escalate the intensity of US bombing to claiming that talks with the Iranian government are making good progress. A US deadline of 6 April for Iran to reopen the Strait of Hormuz has provided room for further indirect negotiations, but this has failed to reassure investors. A sharp drop in US government bonds towards the end of the week shows bond markets beginning to anticipate a greater economic slowdown and acquiesce that even a swift end to the war will not quickly reverse the damage done.