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Oil Underinvestment Could Hinder US’ Iran-Crisis Response: Here’s Why

Home News Oil Underinvestment Could Hinder US’ Iran-Crisis Response: Here’s Why

No matter how the Iran war gets resolved, the US and other countries will be forced to reckon with a global oil market in complete disarray.

Underinvestment in the oil industry makes the current supply shock much riskier worldwide, industry experts say, forcing the US, the EU, and various Gulf countries into a scramble over where and how to extract.

Prior to the US’ attack on Iran on February 28, the situation had already been precarious. Iran basically controls the Strait of Hormuz, the world’s busiest oil shipping channel. Transportation through this channel is currently closed, despite President Donald Trump’s promise to keep it open. Regardless of how this situation resolves, the broader implications of structural underinvestment across the oil and gas value chain have exposed just how unstable the global energy infrastructure is.

“This is not your father’s energy sector anymore,” Adam Turnquist, Chief Technical Strategist for LPL Financial, says.

Essentially, there was a shift from “drill drill drill” to returning cash to shareholders through dividends and free cash flow, he explained. This change led to better stock performance and improved financial metrics, such as credit spreads and default swaps. But, Turnquist adds, “there’s evidence of under-investment.”

‘A Multi-Million-Barrel Disruption’

Recall the 2011‑2014 time frame when oil prices were above $100 per barrel. Major oil companies like ExxonMobil, Chevron Corp, BP plc, Shell plc and TotalEnergies SE enjoyed strong cash flows, allowing them to generate substantial profits and reward shareholders.

When oil prices collapsed between 2014 and 2016, institutional shareholders pushed hard for capital discipline instead of growth. Corporations, rather than drilling aggressively, returned troves of cash to investors via buybacks and dividends.

In 2023, alone, Exxon, Chevron, Shell, TotalEnergies, and BP returned a record $114 billion to shareholders — 76% higher than their average payouts.

“That translated into lower reinvestment rates, fewer long‑cycle megaproject sanctions, and a bias toward short‑cycle barrels, even as global demand continued to grow,” Benny Wong, Senior Energy Analyst at PitchBook, told Global Finance.

There was also an energy transition, and companies prioritized ESG (environmental, social, and governance) over long-term oil projects, leading major funds to reduce fossil fuel investments.

“The result is a thinner spare capacity buffer and a smaller pipeline of readily deployable projects, which limits the industry’s ability to backfill a sudden, multi‑million‑barrel disruption like the one arising from the Iran conflict,” Wong added.

Oil Prices Spike

So far, the shock is reverberating across the globe. Brent crude, the international benchmark, entered 2026 oversupplied, with forward prices in the $50s, according to Chas Johnston, CreditSights senior analyst.

On Monday, the price of Brent crude spiked to $119.50 per barrel—the highest it has been since the summer of 2022, when Russia invaded Ukraine.

“It’s nearly the same cadence,” Turnquist says, citing Bloomberg data. See the chart below.

West Texas Intermediate (WTI), the U.S. benchmark, also saw similar price spikes, briefly reaching $119.48 per barrel. By late Monday, prices fell back below $90 per barrel, following mixed signals from US leadership, including contradictory statements from Trump and Defense Secretary Pete Hegseth about the conflict’s timeline.

And it could get worse, according to Wood Mackenzie, a consultancy firm for the energy sector. On Tuesday, the firm determined that $200 per barrel “is not outside the realms of possibility in 2026.”

To quell the panic, extreme measures are under consideration. The 32 member countries of the International Energy Agency (IEA) agreed on Wednesday to make 400 million barrels of oil from their emergency reserves available to the market to address the current disruption. That’s double the amount the IEA put into the market in 2022.

Over the weekend, Energy Secretary Chris Wright said the US could potentially release oil from its 400 million barrels of reserve to lower gas prices.

Trump subsequently confirmed that he would ease sanctions on certain countries to help reduce oil prices. This followed a recent 30-day waiver announced by US Treasury Secretary Scott Bessent on sanctions for Russian oil sales to India, due to global supply pressures.

Can Any Country Fill The Gap?

Further complicating matters, oil-producing countries like Bahrain and Kuwait declared “force majeure,” stopping production as storage nears capacity and exports falter. With Iran, Israel, and the U.S. each targeting energy infrastructure and the narrow Strait of Hormuz under threat, it remains unclear which alternative transport routes or supply sources could fill the gap.

Saudi Arabia and the United Arab Emirates remain two key options because they hold most of OPEC’s effective spare capacity. However, analysts still question how much cushion truly exists and how long they can sustain it. Reports already suggest Saudi Arabia and the UAE have begun reducing output by several million barrels per day.

“In other words,” Wong says, “the buffer is meaningful but not unlimited, particularly if the disruption is prolonged or widens regionally.”

West African and Guyanese deepwater projects won’t quickly replace lost supply, either. However, they could strengthen global production over the medium to long term, Wong says. Guyana’s rapidly developing offshore sector, for example, could add more output in the coming years, though expansion will still take time.

Then there’s Namibia, which has had significant offshore discoveries in recent years. BP, Shell and TotalEnergies are among the companies that have set up shop there, but as Wong puts it: “Commercial production is still a few years away.”

US Shale Is Another Issue

As for the US, a rapid ramp now requires more than just a strong price signal.

“Producers are operating with much tighter capital discipline, and scaling quickly requires having available rigs, completion crews, frac sand and pipeline takeaway capacity, all of which can act as bottlenecks,” Wong says.

CreditSights’ Johnston agrees.

“The ability for US producers to respond is also quite limited, because it still takes six to nine months to bring new production online, even from the short-cycle shale industry,” he says.

Until then, the stakes remain high. Wood Mackenzie projects roughly 15 million barrels per day (mbpd) of Gulf oil exports could be lost if the Strait of Hormuz remains disrupted. They note that alternatives like US shale and uncompleted wells might only add a few hundred thousand barrels per day over months — not even close to filling the 15 million‑barrel gap.

The circumstances are enough to give analysts pause, given the cavalier attitude coming from the US.

Turnquist echoed a point his firm’s chief macro strategist made during a recent call: “You can’t shake the hornet’s nest and then put it back away.” Once geopolitical issues ignite, they rarely resolve quickly, he said, pointing to wars in Iraq, Afghanistan and Russia-Ukraine as examples.

“There’s really no concrete signs that it’s going to end anytime soon,” he added.

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US Justice Department digs into Iran’s sanctions evasion via Binance

Mar 11, 2026 Finance Desk

Published on
11/03/2026 – 16:15 GMT+1

A probe has been initiated by the US Justice Department into Iran’s use of Binance, the world’s largest crypto platform, to circumvent US sanctions and provide financial backing to terrorist organisations with ties to the IRGC, according to The Wall Street Journal.

The US DOJ’s examination stems from company documents and accounts provided by individuals familiar with the matter.

Authorities have contacted people with direct knowledge of the Iranian-linked transactions to request interviews and collect evidence, as per the WSJ report.

A monitor appointed by the US Treasury Department has reportedly asked Binance for details on the Iranian transactions, including information about a business partner responsible for a large share of the flows.

At this stage, it remains uncertain whether the investigation targets Binance for any potential misconduct or if it is confined to activity by customers on the platform.

A spokesperson for the company told the WSJ that Binance “categorically did not directly transact with any sanctioned entities”.

This development brings the company back to the centre of US regulatory attention, just months after its founder received a presidential pardon, highlighting persistent challenges in enforcing sanctions within the rapidly evolving crypto and fintech sectors.

Binance founder Changpeng Zhao, widely known as CZ, was pardoned by President Trump back in October.

The investigation reopens scrutiny of the exchange, which pleaded guilty in 2023 to breaching US sanctions and banking laws. That case resulted in a record $4.3bn (€3.7bn) penalty and a requirement for ongoing US oversight.

Under the terms of the 2023 agreement, Binance must actively screen clients for terrorism financing and sanctions breaches, as well as report suspicious activity promptly to authorities.

US congressional inquiry adds pressure

The developments have also drawn attention from Capitol Hill.

US Senator Richard Blumenthal, a senior Democrat on the Senate Homeland Security Committee, opened a formal inquiry last month into Binance’s handling of the Iranian transactions.

Citing the scale of the unreported flows, approaching nearly $2bn (€1.7bn) to sanctioned entities, and the suspension of internal investigators, Blumenthal questioned whether the exchange had met its obligations under US sanctions and banking laws.

He requested detailed records from Binance, which responded by describing media coverage as inaccurate and highlighting its “best-in-class compliance programme”.

The senator later described that reply as evasive and insufficient to address his concerns.

The timing of the US DOJ’s probe coincides with heightened efforts to disrupt financing networks linked to Iran’s IRGC.

Ahead of joint military actions with Israel against Iran, Washington stepped up measures to cut off revenue streams, particularly those involving crypto assets used to repatriate proceeds from oil sales to China.

In January, the US Treasury Department sanctioned two smaller crypto exchanges for moving large sums to digital wallets connected to the IRGC.

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Top 10 U.S. Landowners You Probably Haven’t Heard Of

Mar 11, 2026 Finance Desk

Key Takeaways

Wealthy individuals privately own 60% of U.S. land.
Red Emmerson’s family holds 2.4 million acres.
Bill Gates owns over 260,000 acres of farmland.
Canada leads in foreign-owned U.S. land.
China owns 1% of U.S. land.

The U.S. covers about 2.26 billion acres—60% of that (1.3 billion acres) is privately held by wealthy individuals and corporations. The bulk of that land is made up of farms and ranches, and the rest is mostly forests.

U.S. farmland is valuable. As of 2025, the average value of farm real estate in the U.S. hit $4,350 an acre, more than double what it was in 2007.

Josh Seong / Investopedia

“Farmland is more than a business asset for most families in agriculture. Often, farmland is a tangible symbol of legacy, purpose, and stewardship in addition to a strategy for growing the business,” says Natalina Sents Bausch, digital director at Successful Farming.

The Land Report analyzes records and transactions and releases a report of the top 100 landowners in the U.S. Among the list is Microsoft co-founder and billionaire Bill Gates, who owns the most farmland in the U.S., with over 260,000 acres in private agricultural land. Also on the list is Amazon founder and billionaire Jeff Bezos, who owns 420,000 acres of land, including the 165,000-acre Corn Ranch in Far West Texas, which serves as the launch site for Bezos’ Blue Origin rockets.

While Gates and Bezos are relatively recognizable, the top 10 landowners in the U.S. are individuals most people have likely not heard of. Some families have owned agricultural land and corporations for generations, dating back over 100 years.

So, who are the people, corporations, and foreign countries behind most of the land in the U.S.?

1. Emmerson Family: Owners of 2.4 Million Acres

Red Emmerson and his family are the largest landowners in the U.S., with 2.4 million acres in timberland across California, Oregon, and Washington. The Emmersons manage the land they own through their company, Sierra Pacific Industries (SPI), which is one of the largest producers of lumber, renewable energy, windows, and millwork in the country.

The Emmersons became the nation’s largest landowners in 2021, when they acquired 175,000 acres in Oregon from Seneca Timber Company, surpassing Liberty Media chairman John Malone‘s 2.2 million acres.

2. John Malone’s 2.2 Million Acre Holdings

Media mogul and telecomm giant John Malone is the second-largest landowner in the U.S., with 2.2 million acres across Wyoming, New Mexico, Florida, and Colorado.

Malone is the board chair at Liberty Media Corporation and the company’s largest shareholder. Malone was the CEO of a media company, Tele Communications, Inc., which he sold to AT&T for about $50 billion in 1999.

His Malone Family Land Preservation Foundation partners with various organizations, such as the Land Institute, on initiatives focused on sustainability and conservation.

3. Ted Turner’s 2 Million Acres

Ted Turner, the media billionaire who founded television conglomerate Turner Broadcasting System and CNN, is third on the list of the nation’s largest landowners, with 2 million acres in personal and ranch land. Turner ranches across Kansas, Montana, Nebraska, New Mexico, and South Dakota, focused on ecotourism, managing bison, and hunting and fishing.

Turner owns 1.1 million acres in New Mexico, including a host of luxury hospitality properties, including Vermejo Park Ranch, which is the largest ranch in the U.S.

4. Stan Kroenke’s 1.8 Million Acre Empires

Real estate and sports mogul Stan Kroenke is the fourth largest landowner in the U.S., with about 1.8 million acres across Texas, Wyoming, and Nevada. Kroenke’s Waggoner Ranch in Texas is one of the largest ranches in the U.S., at 510,000 acres. Founded in 1849, Waggoner is still a working ranch with oil production and cattle.

Through his sports empire, Kroenke owns the NFL team LA Rams, the NBA team Denver Nuggets, and the U.K. soccer club Arsenal, among others.

5. Reed Family’s 1.7 Million Acre Ownership

The Reed Family is the fifth-largest landowner in the U.S., with a total of 1.7 million acres owned across California, Oregon, Washington, and Montana.

The Reed family has owned and managed Seattle-based forest management company Green Diamond Resource Company for more than 130 years. Green Diamond produces about 2 million board feet of logs annually and is focused on sustainable forest management, including delivering logs to local mills and forest carbon offsets.

6. Irving Family Controls 1.3 Million Acres

The Irving family owns 1.3 million acres of timberland in Maine and is the state’s largest private landowner. The family’s forest products business, J.D. Irving Limited, is over 140 years old and has timberland holdings in New Brunswick, Canada, and Maine. The family’s Irving Woodlands organization has planted more than 1 billion trees in Canada and the U.S.

7. Buck Family’s 1.2 Million Acres of Land

The Buck family owns 1.2 million acres of timberland in Maine. The holdings once belonged to late billionaire and nuclear physicist, Peter Buck, who co-founded the popular sandwich chain, Subway. Buck’s wealth and land are thanks to his $1,000 investment in 1965 in a sandwich shop owned by his friend’s son, which later turned into Subway, one of the world’s largest chain restaurants.

8. Singleton Family’s 1.1 Million Acre Landhold

The family of Henry Singleton, an entrepreneur and electrical engineer, owns 1.1 million acres in New Mexico. Singleton, who died in 1999, was the co-founder of industrial conglomerate Teledyne in 1960.

He later bought the historic 81,000-acre San Cristobal Ranch in New Mexico and eventually expanded his land holdings to over one million acres, mostly through acquiring former Spanish land grants. Singleton Ranches has land across New Mexico and California, and has cattle and horse operations.

9. The King Ranch Heirs’ 911k Acres

The King Ranch heirs own 911,215 acres across Texas and Florida. Founded in 1853 by Captain Richard King primarily for cotton cultivation, King Ranch is still one of the largest cotton producers in the U.S. today. Its Florida operation produces sugar cane, sod, rice, and sweet corn and is the largest producer of orange juice in the U.S.

According to an excerpt from James Marten’s book “Slaves and Rebels: A Peculiar Institution in Texas, 1861 – 1865,” there were enslaved people on King Ranch at the time.

10. Pingree Heirs Control 830k Acres

The Pingree heirs, descendants of David Pingree Sr., own 830,000 acres of land in Maine. Pingree Sr. was a shipping merchant who expanded into timberland in the 1800s through his company, Seven Islands Land Company, which the family owns and operates today.

How Much Land Is Owned by Indigenous People In the U.S.?

Only about 2.6% of American land is owned by Indigenous people today, as a result of forced migration and land dispossession that began with European colonization in the 17th century.

Native tribes have lost 99% of the land they historically occupied in the United States, according to data from 2021 on the long-term impacts of land dispossession.

According to the research, Indigenous lands today also have less access to participate in the energy economy, with 24% fewer oil and gas resources compared to historical lands.

How Much of U.S. Land Is Owned by Other Countries?

Foreign countries are investing in U.S. land, too. Foreign entities and individuals have a stake in an estimated 40 million acres in the U.S.—about 3.1% of the privately held farm and forest land—in the country, according to 2021 data (most recent available) from the USDA.

Canada owns the largest share (31%) of foreign-owned U.S. land at 12.8 million acres. The Netherlands, Italy, the UK, and Germany hold another 31% of foreign-owned land, totaling 12.4 million acres combined. Meanwhile, China owns only 1% of foreign-owned land in the U.S.

Half of all the U.S. land held by foreign investors is for timber or forest land, followed by crops, pasture, and other agricultural land, while just 2% is non-agricultural land.

The Bottom Line

Land in the United States is a powerful and often overlooked asset, concentrated in the hands of a small group of wealthy individuals, corporations, and foreign investors. While families like the Emmersons, Malones, and Turners dominate private ownership, foreign countries like Canada and corporations also hold a meaningful stake.

Meanwhile, Indigenous communities, who once occupied nearly all U.S. territory, now control just a small fraction. Understanding who owns the land helps shed light on wealth distribution, resource access, and national policy issues.

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Saudi Arabia Appoints Al-Saif As Vision 2030 Faces Reality Check

Mar 10, 2026 Finance Desk

Saudi Arabia’s fixation with megaprojects may be giving way to more pragmatic initiatives better aligned with investor appetite.

The urgent need for foreign investment crystallized last month when a royal decree replaced veteran cabinet member and investment minister Khalid Al-Falih amid broader funding concerns over the kingdom’s signature Vision 2030 development framework.

Foreign investment amounted to just 2.1% of GDP last year, according to Capital Economics. That’s well below the government’s Vision 2030 target. The research firm also forecasts government debt will balloon to 40% of GDP next year. That’s up from just over 30% last year and above consensus.

Vision 2030, which now appears to be under review, represents Crown Prince Mohammed bin Salman’s blueprint for diversifying an economy still heavily reliant on hydrocarbon revenues.

Replacing Al-Falih is Fahad Al-Saif, sometimes also referred to as Fahad bin Abduljalil Al-Saif, a former HSBC banker.

Until his appointment, Al-Saif held various positions at the Public Investment Fund (PIF), Saudi Arabia’s $1.15 trillion flagship sovereign wealth fund. He was also instrumental in overhauling the kingdom’s capital-raising capabilities. Earlier, he played a role in roadshows aimed at mustering investor support for Saudi bond sales.

But the government’s recent signaling suggests Al-Saif will preside over a period of relative austerity while attempting to maintain investor support for a rolling set of reforms. His stewardship is likely to face an early test as policymakers’ attention is focusing on future foreign investment initiatives.

Recent reports imply that the government will soon announce a streamlined set of priorities and a pivot away from nosebleed-inducing megaprojects such as The Line, a 170-kilometer, multibillion-dollar planned smart city that makes up a segment of the ambitious Neom development.

Posts on social media have broadly welcomed Al-Saif’s appointment, variously describing him as a safe pair of hands fit to carry out a shift towards more mundane revenue-generating projects.

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Sustainable Finance Awards 2026: Africa

Mar 10, 2026 Finance Desk

Sustainable Finance Awards 2026: Africa | Global Finance Magazine

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Home Awards Award Winners Sustainable Finance Awards 2026: Africa

Banks in Africa — including Absa, RMB, Nedbank, KCB, and Standard Bank — are driving critical SDG-focused projects.

Even though Africa is home to some of the world’s fastest-growing economies, the continent faces a funding gap as the 2030 target approaches to meet the Sustainable Development Goals (SDGs) adopted by the United Nations and tailored to the African Union’s Agenda 2063.

The SDGs aim to improve living standards for the African population by addressing issues such as hunger, education, clean water and sanitation, affordable and clean energy, inequality, and infrastructure.

While scrutiny of sustainability has increased, the African sustainable-finance market has continued to grow over the past two years. Debt volumes have been rising, for example, reaching a record of almost $13 billion in 2024, according to S&P Global.

However, the volume of sustainable bonds issued is less than 1% of the global total, which is insufficient to address Africa’s infrastructure and development needs. To meet these needs, Africa would need to close a funding gap between $670 billion and $762 billion per year by 2030, according to the UN Economic Commission for Africa and the African Development Bank, with the majority of the gap concentrated in the continent’s less developed countries.

This equates to a need for about $1.3 trillion in funding per year to fully achieve Africa’s SDGs. Despite these challenges, there have been significant advances in Africa as a direct result of efforts by African banks. Most importantly, this work has facilitated dramatic improvements in health outcomes over the past decade that are well above progress made elsewhere in the world.

Kenya Commercial Bank

Best Bank for Sustaining Communities

Sustainability is the Kenya Commercial Bank’s foundation for inclusive growth and economic resilience, and the bank’s success directly influences the health of the communities in which it operates. Through the KCB Foundation,

the bank invests in education, climate adaptation, and inclusion. The foundation’s 2Jiajiri program has created almost 61,000 jobs and provided support through vocational training and financial access to about 37,000 businesses. A collaboration with the Mastercard Foundation expanded access to finance and training to entrepreneurs.

KCB also prioritizes community investment projects for water security, education, sustainable agriculture, and inclusion for vulnerable groups. These projects include five community boreholes in Marsabit, Kenya, that provide water to about 27,000 households and 95,000 livestock animals; scholarships that end poverty for families; financing and equipment for about 3,400 livestock farmers and 15 producer groups; and cash-transfer programs for 22,000 refugees.

Absa

Best Bank for Sustainable Finance

Best Impact Investing Solution

Best Bank for Sustainable Infrastructure/Project Finance

Best Bank for Green Bonds

Absa is committed to building a sustainable future in Africa by financing projects that drive positive change, support the continent’s transition to clean energy, and nurture equitable, resilient, and future-focused communities. The bank is working to achieve net-zero emissions by 2050. To work toward this goal, Absa has facilitated and arranged over 29.1 billion South African rands ($1.8 billion) in sustainable-finance transactions in 2025.

The bank contributed 1.6 billion rand as part of a larger 3.8 billion rand debt-financing package to support power producer Red Rocket’s 150-megawatt (MW) wind project. The project will supply 100% renewable energy to Discovery Green, which in turn provides it to medium-and large-sized companies. The package will fund the project’s full life cycle, from design through construction to operations and maintenance.

Absa also contributed 50% of the 9.4 billion rand debt package for the Red Sands Battery Energy Storage System (BESS) through project-finance lending, hedging, guarantees, and agency and account bank services. Once operational, this landmark transaction under South Africa’s Battery Energy Storage Independent Power Producer Procurement Programme will be the largest standalone BESS in Africa. To reduce operational risk, the revenue model is based on availability and not dispatched energy. The project provides environmental and grid benefits through load shifting—energy is stored during the day and dispatched during peak periods—to create greater grid stability and capacity for additional renewable-energy projects.

Rand Merchant Bank

Sustainable Finance Deal of the Year (British International Investment Transition Finance Facility)

Best Bank for Social Bonds

Best Bank for Transition/Sustainability-Linked Loans

Rand Merchant Bank (RMB) has been actively tackling climate resilience and a just transition to a low-carbon world. To accomplish this, the bank incorporates climate factors into its capital allocation, risk appetite, portfolio monitoring, and reporting.

In 2025, the bank completed several landmark transactions, such as FirstRand Bank’s first social-bond issuance for female-owned businesses, totaling 2.5 billion rands. This bond directly addresses barriers to financial inclusion, economic participation, and job creation for women by providing capital to women entrepreneurs.

RMB also arranged for the refinancing of Mediclinic’s 9 billion rand sustainability-linked loan across four lenders in what is currently one of the largest syndicated sustainable-finance transactions in South Africa. Mediclinic operates private hospitals that provide multidisciplinary acute care in South Africa and Namibia.

The bank has also developed a new transition-finance asset class and associated framework for allocating funds to projects facilitating emissions reductions. RMB served as the transition-finance adviser to FirstRand in the 2.6 billion rand facility from British International Investment, the UK’s development finance institution and impact investor. This facility mobilized international capital for Africa’s climate goals by funding transition loans across South Africa and the broader continent to support the decarbonization of hard-to-abate sectors, such as industrials, energy, and cement. The facility also creates a blueprint for how private and development finance can work together to advance the energy transition in emerging markets.

Nedbank

Best Platform/Technology Facilitating Sustainable Finance

Best Bank for Sustainability Transparency

Nedbank is working toward having the entirety of its lending and investment portfolio support a net-zero carbon economy by 2050. The bank’s strategy supports clients and communities while focusing on scalable sustainable-development finance that advances economic decarbonization and inclusive growth.

The bank incorporates transparency into its energy policy so that stakeholders can better understand and monitor its progress. Nedbank tracks and reports its environmental impact, to include exposure to thermal coal, oil, gas, and power generation. Along with Nedbank’s energy policy and nature-position statement, the bank produces glide paths with a framework for its net-zero transition. Position statements on climate change and nature address related risks and opportunities and provide thought leadership on sustainability issues and financing.

Nedbank also leverages technology and analytical tools that provide integral insight into its sustainable financings. The bank’s Climate Risk Tool analyzes how various climate events affect financed properties. The bank captures data not native to its existing systems and uses these in combination with existing data to estimate and report financed emissions that align with accounting methodologies.

Nedbank’s Building Efficiency Scale captures water and energy efficiencies in buildings, and the inhouse EDGE certification tool democratizes green-building certifications to address the low number of green-certified buildings in South Africa.

Standard Bank

Best Bank for Sustainability Bonds

Best Bank for ESG-Related Loans

Standard Bank has made sustainability a strategic priority and uses an approach that maximizes the positive impact while successfully managing risk. The bank focuses on business growth and job creation, infrastructure development, climate mitigation and adaptation, and financial health and inclusion.

The bank served as sole arranger and sustainability coordinator for the Industrial Development Corporation’s inaugural 2 billion rand sustainable bond and 1.4 billion rand private placement. These bonds were listed on the Johannesburg Stock Exchange Sustainability Segment and are helping advance South Africa’s transition to a more inclusive, low-carbon economy. The bonds will fund projects in renewable energy; energy efficiency; sustainable water management; clean transport; socioeconomic advancement; and MSME financing. They will also support initiatives for grid decarbonization and the growth of independent power producers.

Standard Bank also delivered a 6.1 billion rand debt package to the NOA Group to design, construct, commission, and operate the 505 MW Khauta solar photovoltaic (PV) facility in South Africa. This landmark project includes plans to build a BESS and connect an existing substation to the province’s strong grid via overhead lines. In addition to reducing carbon emissions, this green project will create jobs during construction and operation.

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Sustainable Finance Awards 2026: Central Eastern Europe

Mar 10, 2026 Finance Desk

Sustainable Finance Awards 2026: Central Eastern Europe | Global Finance Magazine

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Home Awards Award Winners Sustainable Finance Awards 2026: Central Eastern Europe

These Central and Southeastern Europe banks are expanding ESG financing, green bonds, and sustainable infrastructure.

Last year may well go down as the year Central and Southeastern Europe truly came to grips with climate change—three heat waves across late spring and summer, unseasonal heavy rain, and serious flooding (which affected harvests across the region) proved that climate change can no longer be ignored.

Banks across the region have recognized the opportunities and are demonstrating ingenuity in developing new green-financing techniques. They are working closely with multinational institutions such as the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) to help implement the EU’s Green Deal and make the continent the world’s first climate-neutral one.

Last year’s Central and Eastern Europe (CEE) Sustainable Finance Summit—held in May 2025, with this year’s summit scheduled for September—highlighted the region’s priorities. Many of these reflect CEE’s Communist past, in which pollution was exacerbated by a reliance on polluting coal and lignite and by a system that worked against conservation.

Financing in the energy sector remains key, with CEE aiming to increase the share of renewables from 30% of total energy consumption today to 75% by 2050. In addition, CEE and Southeastern European countries need about €8 billion annually for low-carbon technologies, particularly in infrastructure, transport, and energy.

The summit concluded that although there has been some pushback on ESG, there is growing awareness of the need to recalibrate it, especially where it excludes investments in defense and security. Reflecting the deterioration in Europe’s geopolitical situation over the past few years, among other things, the summit concluded that “security and defense can and should be reframed as part of broader sustainability and resilience agendas. Long-term peace and democracy are fundamental to sustainable societies.”

Raiffeisen Bank International

Best Bank for Sustainable Finance

Best Bank for Green Bonds

Best Bank for Sustainability Bonds

Raiffeisen Bank International (RBI) is hardly a stranger to sustainable finance—the Austrian-based entity was among the first to sign the UN Principles for Responsible Banking and has embedded ESG across its strategy, now fully aligned with global standards. Since launching its first green bond in 2018, the bank has built a €5 billion sustainable bond portfolio across multiple currencies and countries.

By November 2025, ESG-labeled bonds were worth some €5 billion, 20% of the total €24.6 billion issued. Raiffeisen Bank Hungary issued a successful €300 million in green bonds in June 2025, while RBI’s €500 million benchmark green bond, issued in November 2025, was oversubscribed by a record amount, demonstrating strong demand for the product and the trust in which RBI is held.

One of RBI’s notable sustainable-finance achievements in 2025 was the relaunch of its Sustainability Bond Framework. According to Markus Ecker, RBI’s head of Sustainable Finance, “RBI will expand eligible green-loan categories and further strengthen advisory services to help clients transition. The goal: deeper emissions reductions and accelerated decarbonization across Central and Eastern Europe.”

RBI has also been active in issuing ESG loans: These increased 14.9% YoY to €19.3 billion at the end of September 2025.

Garanti BBVA

Sustainable Finance Deal of the Year: Antalya-Alanya Motorway Project

Best Bank for Sustaining Communities

Garanti BBVA, one of Turkey’s largest banks, with 28 million customers and almost 800 branches, was established in 1946 as Garanti Bank and is now 86% owned by Banco Bilbao Vizcaya Argentaria (BBVA). Garanti has made sustainable investment core to its strategy. It seems only right that it should win these two prestigious awards, as its efforts are linked.

The bank’s community investment programs’ strategy comprises four focus areas aimed at sustaining and enriching communities: education for all, reducing inequality, accessible culture and knowledge production, and combating the climate crisis. Garanti monitors the outcomes of its programs using internationally recognized measurement and research techniques through social-impact analysis, ensuring that every Turkish lira invested generates substantially more value.

This emphasis on bringing people together made Garanti BBVA a natural fit for the flagship Antalya-Alanya Motorway Project. The new 122-kilometer motorway connecting Antalya to Alanya is one of Turkey’s major infrastructure developments.

Garanti BBVA participated in €1.7 billion in financing for the project, which will reduce travel time from two-and-a-half hours to just 36 minutes. According to the bank, the motorway will enhance productivity, contribute to overall economic growth, and generate annual savings of approximately 16.9 billion Turkish lira ($385.4 million) in time and 800 million lira in fuel consumption, resulting in a total yearly economic benefit of nearly 17.7 billion lira.

The new corridor will reduce carbon emissions by 47,000 tons per year, helping to preserve the pine forests of the Taurus Mountains as well.

Akbank

Best Impact Investing Solution

Best Bank for Sustainability Transparency

Akbank’s Sustainable Finance Framework—which had a portfolio of almost $4 billion at the start of 2025—is among the most ambitious and far-reaching in Turkey and the wider region, helping the bank to secure three of our CEE regional awards.

Akbank’s submission underscored the seriousness with which it approaches impact investing, stating, “We encourage investors to direct their capital toward areas and companies that contribute to the well-being of the planet.”

To prove it, Akbank launched Turkey’s strategic partnership with the UN Development Programme’s Cool Up program, which seeks to advance sustainable-cooling finance to mitigate the climate impact of cooling technologies.

Regarding sustainability transparency, Akbank has launched a series of initiatives, including active participation in the development of the EU’s Green Asset Ratio calculation criteria in conjunction with the Turkish Banking Association’s Sustainability Working Group and the banking sector’s Green Asset Ratio Working Group.

In 2025, Akbank began implementing the green transformation score for commercial, corporate, and SME clients in the 2030 target sectors. The scores are based on client-level transition practices, such as the availability of science-based climate targets, the implementation or planning of low-carbon practices, and the availability of low-carbon products.

This serious approach to transparency and commitment to social bonds is reflected in the bank’s raising of its sustainable-finance target for 2030 to 800 billion lira, having exceeded the bank’s previous 200 billion Turkish lira target.

PKO Bank Polski

Best Platform/Technology Facilitating Sustainability Finance

In response to customer demand for support with ESG, the energy transition, and sustainability generally, PKO Bank Polski—Poland’s largest bank by assets and a leader in ESG financing and bond issues—launched energiatransformacji.pl in 2025.

The new service, an interactive business hub, offers tools to help customers with their energy transition strategy (carbon footprint calculators and a subsidy search engine) and includes an educational database on ESG, sustainable development, and financing.

The initiative reflects PKO BP’s 2025-2027 strategy to secure a 20% share of Poland’s energy transition financing.

VUB

Circular Economy Commitment

As part of the Intesa Sanpaolo Group, VUB has long been committed to the highest ESG standards. Much of this focus has been on the consumer sphere, reflecting the Slovak bank’s strong position in its home market and in Czechia.

A typical example of VUB’s capacity for innovation was the introduction of a new Building Reconstruction Simulator that combines real-time market calculations and expert insight to help homeowners make informed, sustainable decisions when undertaking domestic renovations.

For corporate clients, particularly SMEs, the bank has introduced special minibonds that enable the issuance of direct debt securities to finance ESG-related projects. These include specific offerings to promote the circular economy, as well as the installation of renewable-energy projects and energy-efficiency upgrades.

Bank Pekao

Best Bank for Sustainable Infrastructure/Project Finance

Best Bank for Transition/Sustainability-Linked Loans

Poland’s second-largest bank, established in 1929, has prioritized ESG investing and lending over the past decade, becoming one of the largest players domestically and in the CEE region. In 2025, Bank Pekao unveiled its 2025-2027 strategy, outlining its main plans and priorities, building on its 2023 Sustainable Finance Framework.

In the first three quarters of 2025, Bank Pekao financed green projects totaling 5.1 billion Polish zloty ($1.4 billion), up from 3.7 billion zloty in 2024, aiming to reach 9 billion zloty by the end of 2027.

Along with other banks, Bank Pekao has provided financing for the approximately €6.3 billion construction of the Baltyk 2 and Baltyk 3 wind farms in the Baltic Sea, developed by Polenergia and Equinor. The wind farms have a total capacity of over 1.4 gigawatts and can supply green energy to over 2 million Polish households. The farms should start producing energy in 2027 and reach full operational capacity in 2028.

In 2025, Bank Pekao also helped issue a syndicated €300 million loan to a leading energy company, issued five-year green bonds for a leading telecoms company totaling 700 million zloty, and issued bonds worth 1 billion zloty for sustainable development for a large retail company.

QNB Bank

Best Bank for Blue Bonds (New for 2026)

In October 2024, QNB Bank issued Turkey’s first blue bond, in collaboration with the IFC as the sole investor, for $25 million and a five-year maturity.

The bond is financing nearly all water conservation activities, including wastewater management, boosting sustainable tourism, reducing marine pollution, and enabling sustainable fishing.

The bond was issued under QNB Group’s Sustainable Finance and Product Framework. Late last year, QNB Bank again cooperated with the IFC, alongside the EBRD, to complete a $100 million climate transition bond issue, the first of its kind, focused on financing decarbonization efforts in carbon-intensive sectors such as cement production and steel, which are generally excluded from green bonds because of their high emissions.

This climate transition bond is viewed as a strategic link to green and ESG finance.

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Oil prices fall as Trump floats possible sanctions relief

Mar 10, 2026 Finance Desk

Oil prices fell sharply after US President Donald Trump said on Monday that the war against Iran could be short-lived and that Washington was considering waiving oil-related sanctions on certain countries to ease pressure on crude markets.

“So in some countries, we’re going to take those sanctions off until this straightens out,” Trump told reporters, without naming which countries were under consideration.

The United States currently maintains sanctions affecting oil trade against a small group of countries: Iran, Venezuela, Russia, Syria and North Korea.

Trump also said he spoke with Russian President Vladimir Putin on Monday to discuss the war and other issues.

Oil prices retreated from recent highs, with both WTI crude and Brent futures falling more than 9%. Brent was trading just below $90 during the European morning, while WTI stood at $85.40 a barrel.

Prices had briefly surged to their highest level since 2022, nearing $120 a barrel, a day after Iran’s Assembly of Experts appointed Mojtaba Khamenei as supreme leader in succession to his late father.

Investors read the appointment as a signal that Tehran was digging in, ten days into the war launched by the United States and Israel.

But prices later fell, and US stocks rose on hopes that the war with Iran may not last much longer.

“We took a little excursion” to the Middle East, “to get rid of some evil. And, I think you’ll see it’s going to be a short-term excursion,” Trump told Republican lawmakers at his golf club near Miami.

However, he left open the possibility of an escalation of fighting if global oil supplies are disrupted by the Islamic Republic, which chose a new hardline supreme leader.

Hours later, Trump posted on social media.

“If Iran does anything that stops the flow of oil through the Strait of Hormuz, they will be hit by the United States of America twenty times harder than they have been hit thus far.”

In an apparent response to Trump’s remarks, Iranian state media reported that Ali Mohammad Naini, a spokesperson for the paramilitary Revolutionary Guard, said that “Iran will determine when the war ends”.

Stock markets cheer the news

All major European stock markets opened sharply higher.

The FTSE 100 in London gained more than 1.1%, the CAC 40 in Paris jumped 1.9%, the DAX in Frankfurt rose 2%, benchmark indices in Madrid and Milan were up 2.5%, and the Stoxx 600 gained 1.7%.

Asian shares also rebounded on Tuesday after sharp declines the previous day, as investors wagered the conflict might be short-lived.

Tokyo’s Nikkei 225 added 2.9%, also buoyed by revised government data showing Japan’s economy grew at an annual pace of 1.3% in the final quarter of last year — well above the initial estimate of 0.2%, driven by solid business investment.

South Korea’s Kospi jumped 5.4% and Australia’s S&P/ASX 200 gained 1.1%.

“Today is the rebound — obviously [after] positive comments from President Trump overnight. We’re starting to see the light at the end of the tunnel for the war,” said Neil Newman, head of strategy at Astris Advisory Japan.

“Volatility is going to remain with us, but things are certainly looking a lot brighter today.”

Hong Kong’s Hang Seng added 2.1% and the Shanghai Composite rose 0.6%.

Share prices have been swinging largely in tandem with oil, which has gyrated as the conflict has deepened.

The central uncertainty for markets is how high crude prices will go and how long they will stay there, given ongoing disruptions to Middle Eastern energy infrastructure.

If oil remains very high for an extended period, households already stretched by inflation could come under severe pressure, while companies would face sharply higher bills for fuel and logistics.

The risk is a worst-case scenario for the global economy: stagflation, where growth stagnates and inflation stays elevated.

Attention has focused in particular on the Strait of Hormuz, the narrow waterway off Iran’s coast through which a fifth of the world’s oil passes on a typical day.

Iran has threatened to attack ships sailing through the strait.

If it remains closed for even a few weeks, oil could push to $150 a barrel or higher, according to strategists at Macquarie Research. Trump said separately that he was “thinking about taking it over,” according to CBS.

In bond markets, the yield on the 10-year US Treasury fell to 4.10% from 4.15% late Friday after briefly rising above 4.20% on Monday morning as oil price fears pushed yields higher.

Yields retreated when crude eased later in the day.

In currency markets, the dollar edged up to 157.48 yen from 157.67, while the euro was unchanged at $1.1638.

Gold rose 1.7% to $5,191.8 an ounce. Cryptocurrency markets also gained, with most leading tokens up between 1% and 2%.

Bitcoin outperformed, rising 2.6% to $70,863 according to the CoinDesk Bitcoin Price Index.

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EU ministers eye oil reserves to contain energy prices and inflation as Iran war rages

Mar 9, 2026 Finance Desk

EU economy and finance ministers are gathering in Brussels on Monday and Tuesday to discuss how to respond to surging energy prices and anticipated inflation amid the ongoing strikes and counter-strikes in the Middle East.

“We are ready to take necessary and coordinated steps in order to stabilise markets, such as strategic stockpiling,” French Economy Minister Roland Lescure told journalists on Monday after chairing a meeting of G7 finance ministers.

Asked whether G7 finance ministers had agreed on releasing the system’s strategic stockpile, Lescure said: “We are not there yet.”

“What we’ve agreed upon is to use any necessary tools to stabilise the market, including the potential release of necessary stockpiles. The work is going to keep being done in the next couple of days”, the French minister said.

German Vice-Chancellor Lars Klingbeil said on Monday that his country is open to unlocking the oil reserve, but that “this is not the right time”.

The International Energy Agency’s member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation.

Oil prices have rocketed since the Israeli and US attacks on Iran on 28 February, which killed some 40 Iranian leaders, including the country’s supreme leader, Ayatollah Ali Khamenei. The conflict has now expanded into other countries in the region, including Lebanon and Gulf countries, with retaliatory attacks by Iran hitting civilian energy facilities and US bases.

Mojtaba Khamenei, the former Ayatollah’s son, was elected as successor on Monday, providing continuity in leadership for the current regime.

The price for a barrel of Brent crude, the international benchmark, surged to $119.50 early on Monday, but later traded around $107.80 after the Financial Times indicated that the use of reserve oil to respond to the crisis was on the table.

Leading European stock market indexes started the week with a big sell-off, following a major drop across Asian markets and surging oil prices.

The war is showing no sign of de-escalation. On 4 March, Qatar announced the suspension of its LNG production; then, over the weekend, Israel struck Iranian energy infrastructure while passage through the critical Strait of Hormuz remained suspended.

Energy prices in Europe will be affected, and inflation is likely to rise in the coming months. However, some EU diplomats and the European Commission indicates that the current situation presents significant differences from the energy crisis Europe experienced when the war in Ukraine started in February 2022.

“Thanks to the decisive actions we have taken over the past years, Europe’s energy system is better prepared and way more resilient today. Our energy sources are more diverse and cleaner. Our coordination is stronger,” European Commissioner for Energy Dan Jorgensen wrote on X on 6 March.

He called on the bloc to double down on the energy transition and continue to expand clean and homegrown renewable energy and energy efficiency efficients, all while modernising Europe’s energy infrastructure.

Spanish Economy Minister Carlos Cuerpo told journalists on Monday that the EU should take inspiration from the response to the 2022 crisis as it formulates its response to the war.

A different crisis?

This crisis is also structurally different from the one that exploded in 2022, an EU government official told Euronews.

When Russia’s full-scale invasion of Ukraine began, Europe needed an “infrastructure reset” with a new portfolio of suppliers, the official said – whereas in the current case, “the release of reserves and re-opening of routes could see prices going down faster”.

However, the situation remains extremely volatile, as it is highly dependent on when the Strait of Hormuz will reopen and when production will resume in top LNG-exporting countries.

Discussions on Monday and Tuesday among EU ministers are expected to touch upon energy prices with the European Commission, while euro-area ministers are set to discuss with the European Central Bank how the war could impact inflation and the overall macroeconomic outlook.

While EU ministers are not expecting to put forward a common strategy on the table by the end of the meetings, the EU institutions will present an update of the situation. Most of the member states will likely present their remarks based on their national assessment of the war’s impact, an EU diplomat told Euronews.

Maria Tadeo contributed reporting.

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Sustainable Finance Awards 2026: Latin America

Mar 9, 2026 Finance Desk

Sustainable Finance Awards 2026: Latin America | Global Finance Magazine

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Home Awards Award Winners Sustainable Finance Awards 2026: Latin America

This year’s regional winners advanced sustainability by issuing green, blue, social, and transition bonds while funding renewable energy projects across LatAm.

There has been steady progress in Latin America toward a sustainability agenda. Since the region’s first green bond was issued in 2014, over $164 billion has been raised in international markets, according to the UN Economic Commission for Latin America and the Caribbean. Despite these gains, a $650 billion annual funding gap needs to be closed to meet the UN’s SDGs by 2030. Currently, only 23% of these goals appear likely to be achieved, and the remaining goals are stagnating unless accelerated progress is made.

According to the World Economic Forum, 70% of the region’s electricity is supplied by renewables, including solar, wind, and hydropower. Even so, many economies still export fossil fuels and minerals while importing refined fuels and gas, creating a complex landscape.

The region is also becoming a global leader in blue-finance markets, with prominent Latin American banks issuing some of the largest blue bonds and developing frameworks for blue loans, both of which fund clean water and sanitation projects. To enhance the blue economy within the region, the Development Bank of Latin America and the Caribbean plans to invest $2.5 billion in the blue economy through 2030 to boost conservation efforts and encourage economic growth.

Many of this year’s winning banks work with clients to support the transition to clean energy. In this spirit, these banks continue to innovate as Latin America becomes a more sustainable region.

BTG Pactual

Best Bank for Sustainable Finance

Sustainable Finance Deal of the Year: EcoRioMinas – Green Transition Bonds

Best Bank for Sustainability Transparency

Brazilian-based BTG Pactual is one of the more innovative banks within the sustainable-finance market. In 2020, the bank committed to a tenfold increase in the volume of ESG bonds issued by 2025 and achieved this goal in 2023. Despite high interest rates and corporations revisiting ESG strategies, BTG Pactual structured about $2 billion in eight labeled green, blue, sustainability, and green transition bonds.

Brazil’s infrastructure is increasingly challenged to demonstrate measurable climate commitments, and the rapidly evolving transition-finance market advances credible long-term decarbonization strategies into reality while providing investors with transparency and accountability regarding emissions. BTG Pactual worked with EcoRioMinas to structure one of the first green transition bonds in Brazil.

This 540 million Brazilian real (about $104.4 million) issuance finances transition-oriented projects, like renewable-energy facilities, LED lighting systems, paving-material reuse, and reforestation and landscape restoration initiatives. This transaction addresses a highway’s environmental footprint by expanding energy efficiency and reusing existing resources to reduce consumption.

BTG Pactual also raised 542 million reais for an impact-investing fund for private equity investments in SMEs. The bank launched an ESG bond fund and intends to raise $100 million that will be dedicated to sustainable finance. BTG was also selected to manage the Espírito Santo Decarbonization Fund seeded with 500 million reais from Brazil’s sovereign fund to finance low-carbon projects.

BancoEstado

Best Impact Investing Solution

Best Bank for Sustaining Communities

BancoEstado aims to generate long-term value and help advance Chilean commitments on climate change. Specifically, the bank is working toward net-zero by 2030 for operational emissions and by 2050 for financed emissions.

The bank empowers citizens through its Social Leaders Academy, which provides training to leaders so they can teach communities how to access housing and support microentrepreneurs. This educational model improves living standards throughout Chile by strengthening the right to adequate housing.

BancoEstado’s Impacto Verde initiative promotes inclusive economic development by connecting MSMEs with large corporations. These relationships ultimately bolster Chile’s business ecosystem by strengthening supply chain standards and expanding MSMEs’ access to banking services. The program also promotes shared growth between corporations and MSMEs and offers startups tailored products and services better suited to small businesses.

In its work to sustain communities, the bank has provided financing for infrastructure through transition- and sustainability-linked products. These products have financed electric buses for new public transportation fleets and nonconventional renewable-energy plants, for example. These ESG loans are aimed at companies that measure socioenvironmental factors, and the loan rate is adjusted based on compliance with these indicators. These factors focus primarily on reducing water use and greenhouse gas emissions.

Itau BBA

Best Bank for Sustainable Infrastructure/Project Finance

Best Bank for Blue Bonds

Best Bank for Transition/Sustainability-Linked Loans

Itau BBA recently published its new ESG strategy anchored in climate transition, diversity, development, and sustainable finance. The bank set a new goal in 2024 to mobilize 1 trillion reais in sustainable finance by December 2030. This is aligned with the green taxonomy of the Federation of Brazilian Banks, Febraban, and integrates internal ESG criteria and leading international frameworks.

The bank partnered with Bracell, a global producer of specialty cellulose, in a sustainability-linked loan with targets that must be met by 2030 or a financial penalty will be applied. These targets include a 28% reduction in greenhouse gas emissions, a 19.3% reduction in water usage, and an 81.8% reduction in landfill waste. This loan helps Bracell meet broader commitments to reduce its carbon footprint, increase operational efficiency with cleaner technologies, and support biodiversity. This partnership works to highlight an initiative to foster industrial practices that drive economic growth while contributing to environmental preservation.

The bank also acted as joint bookrunner on Aegea’s $750 million blue bond issuance, one of the largest in the international market. The funds are earmarked for infrastructure for water supply, sewage collection, and protection for marine ecosystems. This transaction aims to provide access to water for 99% and sewage systems for 90% of the population by 2033.

Bradesco BBI

Best Bank for Green Bonds

Best Bank for Sustainability Bonds

IBradesco BBI has been recognized for its diversity, respect and racial equality. The bank initially set a goal to mobilize 250 billion reais in sustainable finance by 2025 and has since increased that goal to 350 billion reais over the same period. This was achieved in September 2025. During the year, the bank completed 17 ESG transactions that included nine green bonds, two social bonds, and five sustainability bonds.

Bradesco has also worked to establish innovative programs, like the Eco Invest Program that is led by the Brazilian National Treasury and aims to attract foreign investment for the country’s ecological transformation projects. The bank and the power utility Neoenergia, Iberdrola’s Brazilian subsidiary, completed one of the first green bond issuances under this program, raising 1 billion reais in transactions. The proceeds will be used to modernize the power infrastructure within Brazil.

This work will include installing smart grids; burying lines underground to protect them from climate risk; and upgrading substations, transmission lines, and distribution networks. Re.green secured 80 million reais from Brazil’s Climate Fund in a landmark biodiversity-labeled transaction in which Bradesco provided a guarantee letter and ESG advisory services. Re.green is focused on restoration efforts that boost an ecosystem’s recovery when that area has been damaged, destroyed, or degraded. These funds will be used to reforest 15,000 hectares in priority areas.

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G7 ‘not there yet’ on releasing oil reserves as Iran war drives price surge

Mar 9, 2026 Finance Desk

By Quirino Mealha with AP

Published on 09/03/2026 – 17:06 GMT+1•Updated
17:14

G7 finance ministers discussed a coordinated release of emergency oil reserves on Monday but failed to reach agreement, with France’s Roland Lescure saying the group was “not there yet” on a deal.

The G7 was exploring a coordinated release of emergency oil reserves to tamp down fears of an impending shortage but stopped short of a deal.

Japan’s finance minister, Satsuki Katayama, said the International Energy Agency (IEA) explicitly requested the coordinated release during the G7 meeting, according to Bloomberg.

Brent crude briefly hit $119.50 a barrel on Monday morning, its highest level since 2022, having jumped roughly 25% since Friday as the Iran war intensified, raising fears over global production and shipping.

At the time of writing, oil prices pared gains and are trading slightly below $100 a barrel, as markets remain highly volatile.

Stock markets fell worldwide on concerns the global economy would not be able to absorb a sustained oil price shock.

Equity markets drop over uncertainty

At the open on Monday, the S&P 500 fell 1.3%, coming off its worst week since October. The Dow Jones Industrial Average was down 1.5% and the Nasdaq composite 1.2% lower.

The most immediate pain on Wall Street is hitting companies with large fuel bills. Carnival lost 7.3%, United Airlines sank 6.9% and Old Dominion Freight fell 3.8%.

Retailers dependent on long-haul shipping, whose customers are also facing higher petrol costs, also struggled. Best Buy fell 4.4% and Williams-Sonoma dropped 4%.

The moves followed steeper losses in European and Asian markets, where economies are more exposed to imported oil and gas. South Korea’s Kospi sank 6%, Japan’s Nikkei 225 dropped 5.2% and Europe’s Euro Stoxx 50 tumbled 1%.

Potential stagflation scenario

Since the war with Iran began, the central worry for financial markets has been how high oil prices will go and how long they will stay there.

If prices stay very high for very long, household budgets already stretched by high inflation could break under the pressure.

Meanwhile, companies would see their own bills jump for key items such as fuel and stock items, as well as for powering their data centres.

It all raises the possibility of a worst-case scenario for the global economy: stagflation, or a period when economic growth stagnates and inflation remains persistently high.

Late on Sunday, President Donald Trump countered this narrative by assuring that high oil prices at the moment are both worth the cost and only temporary.

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and world, safety and peace,” he said in a post on Truth Social.

In the bond market, the yield on the 10-year Treasury held at 4.15%, where it ended Friday.

Worries about high inflation and oil prices are applying upward pressure on Treasury yields, while risks of a slowing economy are pulling in the opposite direction.

Concerns about stagflation deepened on Friday following a surprisingly weak US jobs report showing that employers cut more jobs last month than they added.

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Sustainable Finance Awards 2026: North America

Mar 9, 2026 Finance Desk

North American sustainable-finance issuance suffered due to ESG backlash and regulatory tensions, but Canada remained resilient and adaptation finance emerged.

Last year, sustainable-finance issuance in North America fell off a cliff.

According to Moody’s, issuance fell from 2024’s $124 billion to $67 billion—a far cry from the 2021 peak of $175 billion. Almost all the drop was attributable to the US, where prominent banks followed the six big players that withdrew from the UN-convened Net-Zero Banking Alliance beginning in December 2024. This reflects ongoing polarization and growing political scrutiny of ESG, as well as banks shifting focus to areas such as energy security. The sharp drop in ESG issuance was reflected in the paucity of North American entries Global Finance received for this year’s Sustainable Finance Awards.

The pattern looks set to continue into 2026 as the ESG pushback persists. Sustainable Fitch, a Fitch Solutions company, says, “We expect investors to continue to face challenges navigating the North American ESG regulatory environment as diverging pressures persist between state and federal requirements in the US.”

The one bright spot is Canada—admittedly a much smaller player than the US—where leading banks continue to prioritize ESG and increase issuance. “There may be some momentum in late 2026 as Canada finalizes its new green and transition taxonomy,” Sustainable Fitch forecasts.

Generally, the group anticipates that adaptation finance will be a major growth driver “as global attention shifts from mitigation to resilience amid increasingly frequent and severe extreme-weather events, shaping investment strategies and policy frameworks.” Meanwhile, multinational asset management company Schroders anticipates “an increased emphasis on demonstrating the returns and value of sustainability efforts.”

Best Bank for Sustainable Finance

Circular Economy Commitment

Best Bank for Sustaining Communities

Best Bank for Sustainability Transparency

Best Bank for Blue Bonds (New for 2026)

Best Bank for Sustainability Bonds

Scotiabank

Scotiabank’s deep and extensive commitment to sustainable finance made it an obvious winner of the above eight awards.

In just one of the bank’s circular-economy projects, Scotiabank served as green-loan structuring agent for Diaco’s inaugural green loan. Diaco is a key player in Colombia’s steel industry, and its business model is built on the circularity of steel, extending environmental, economic, and social value throughout the product life cycle.

For blue bonds, Scotiabank helped the Mexican government to issue a blue bond that provides funding for sustainable fishing and aquaculture. Mexico’s fishing industry is one of the largest in the world, making the protection of its coastlines and waterways key. This blue bond, issued in December 2024, amounts to 4.5 billion Mexican pesos (about US$218 million).

In terms of sustainability transparency, the bank says, “We are committed, through our annual Sustainability Report and Public Accountability Statement, to present our activity and performance on environment, social and governance topics that we believe matter to our stakeholders.” Scotiabank releases an annual Sustainability Report and an annual Climate Report, which, since 2026, has been part of the Sustainability Report.

In 2021, as part of its commitment to sustaining communities, the bank launched the ScotiaRISE initiative, a 10-year 500 million Canadian dollar (about US$364.8 million ) community-investment program to strengthen economic resilience. Between 2021 and 2025, the program invested more than CA$210 million across 300 organizations. It also launched the Scotiabank Women Initiative, which it says “aims to help women clients increase their economic and professional opportunities and succeed on their own terms as they grow their businesses, advance their careers and invest in their futures.”

Sustainable Finance Deal of the Year: Nautilus Solar Energy Long-Term Debt Facility

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Banking Corporation (SMBC) closed a $275 million long-term debt facility with Nautilus Solar Energy. This financing enables the development of more than 25 community solar projects across five states (Illinois, Maryland, Delaware, New York, and Rhode Island).

The projects add more than 130 MW of renewable capacity to local power grids, delivering clean, affordable energy to more than 11,000 households and small businesses. This expansion boosts Nautilus Solar’s operating and managed portfolio to 700 MW and paves the way for future debt issuances together.

SMBC continues to be a leader in sustainable finance and says, “This transaction is an achievement that reflects both SMBC’s and Nautilus’ deep commitment to sustainability and innovation, making it a standout candidate for recognition in the renewable-energy sector,” adding that it is “a transformative milestone in advancing clean energy access across the United States.”

Best Platform/Technology Facilitating Sustainable Finance

Best Bank for Green Bonds

Best Bank for Transition/Sustainability-Linked Loans

CIBC Capital Markets

In a field where jargon and complexity are commonplace and can inhibit issuance and business growth, CIBC’s Sustainability Issuance Framework, unveiled in March 2024, clearly outlines the eligible issuance categories. It defines 16 distinct areas eligible for bonds and loans, including clean energy and clean fuels (nuclear power is included here, with CIBC the only Canadian bank to do so), pollution prevention and control, green buildings, the promotion of biodiversity, circularity, and affordable housing.

This comprehensive platform has helped CIBC Capital Markets raise US$199.4 billion toward its 2030 target by the end of last year. CIBC has been involved in 303 projects across solar, wind, and green buildings. It has also helped CIBC Capital Markets become a leader in green bonds, issuing its first, for US$500 million, in 2020, and another in January 2024 for €500 million in euro-denominated bonds with a three-year maturity.

In Barbados, CIBC Capital Markets served as sustainability structuring agent alongside CIBC Caribbean, which acted as lead arranger, in one of the first sovereign sustainability loans in the Caribbean.

These roles are part of a broader strategy to mobilize US$300 billion in sustainable-finance projects by 2030.

Best Bank for Sustainable Infrastructure/Project Finance

Societe Generale

As part of its broader sustainability strategy, Societe Generale has focused on sustainability-linked infrastructure and projects, demonstrating the emphasis in 2025. It acted as joint lead arranger of a $424 million green-loan project financing for International Transport Service (ITS), a terminal operator in Long Beach, California.

ITS operates in the San Pedro Bay harbor, the primary gateway for North American trans-Pacific trade and the main US destination for Asian imports. Societe Generale has served as green loan coordinator to advance the University of Iowa’s ESG strategy (€671 million). Last year, the bank was involved in debt financing (for $210 million) of a voluntary carbon-removal afforestation project with Chestnut Carbon, a nature-based carbon-removal entity.

The financing will enable Chestnut to construct Project Megaton, a reforestation/decarbonization project covering some 67,000 acres in the southeastern US.

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Nordea’s Juho Maalahti: Strengthening Transparency And Alignment

Mar 9, 2026 Finance Desk

Juho Maalahti, head of Sustainable Finance Advisory at Nordea—this year’s Best Bank for Sustainability Transparency in Western Europe—discusses the next phase of sustainable finance and the impact of regulatory uncertainty.

Global Finance: What do you expect will be the biggest challenge for the sustainability market in 2026?

Juho Maalahti: While global ESG headwinds created some volatility in the sustainability market during 2025, we found that these were mostly reflected in headlines rather than in underlying market sentiment. What was particularly encouraging was seeing Nordic companies and institutions maintain their approach to sustainability despite the regulatory uncertainty that characterized much of the last year.

The fundamental need for a transition to a more resilient and sustainable economy has not disappeared. Looking ahead in 2026, we see a market where the real-economy transition continues to advance on multiple fronts, from critical infrastructure to industrial decarbonization investments. Rather than focusing on just one challenge, the key will be addressing all these areas while maintaining momentum.

GF: What are you seeing as the next “evolution” of KPIs?

Maalahti: Transparency and simplification are important factors for scaling the market further, and we’ve seen consolidation in KPI-linked facilities over the past few years. Companies are increasingly moving toward harmonization between their public non-financial reporting and financing arrangements.

We see sustainability as a natural part of Nordic DNA, and many Nordic companies—especially the large ones—have a long history in sustainability, coupled with targets to reduce climate emissions. Consistency in reporting—whether to financiers, investors, or the public—is important for transparency and market growth. We see companies wanting to ensure their sustainability metrics are aligned across different use cases.

GF: How resilient is investor demand for sustainable assets if rates stay high or politics turn? And what does that mean for issuance timing and terms?

Maalahti: Despite market volatility and uncertainty in 2025, we continued to see green bonds attracting slightly higher order books compared to conventional bonds, especially in the euro market. This demonstrates that investor appetite for sustainable assets has remained resilient even in challenging conditions.

We continue to provide financing and solutions that support our clients’ investment goals. While political and economic headwinds may create short-term volatility, the underlying demand for sustainable investments appears to be holding firm.

GF: Which risks related to sustainability will most affect company balance sheets over the near term? And what should CFOs tackle first in response?

Maalahti: While there has been uncertainty around the regulatory landscape recently, climate risks have not disappeared and continue to pose real threats to company balance sheets. We have developed our own maturity ladder concept to evaluate our customers’ climate transition plans, which helps us better understand how our customers are adapting their business models and strategies to the shift toward a low-carbon economy.

Rather than waiting for regulatory clarity, companies should focus on developing robust transition plans that address both physical and transition risks. One of our 2025 KPIs was to have 90% of our lending exposure in climate-vulnerable sectors covered by transition plans, reflecting the importance we place on proactive risk management in this area.

GF: What’s your bar for calling financing sustainable, and how do you prevent label inflation as the market grows?

Maalahti: Much of market growth, especially during the pre-Covid period, was attributable to new labels being introduced. Since then, we’ve seen harmonization and increased scalability as the market has matured. As a European bank, we adhere to global standards and European regulations. We set ourselves a target to facilitate more than €200 billion of sustainable finance by 2025, and we well exceeded that target. This achievement reflects our commitment to maintaining rigorous standards while scaling our sustainable finance offerings.

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European markets dip as oil prices soar and European gas prices jump

Mar 9, 2026 Finance Desk

European stock markets were all in negative territory on Monday morning after weak sentiment in Asian markets, where Japan’s benchmark Nikkei 225 index plunged more than 5% and Taiwan’s benchmark fell 4.4%.

Other Asian markets also tumbled after oil prices soared to nearly $120 a barrel, casting a shadow over economies heavily dependent on imported crude and gas from the region.

In Europe, London’s FTSE 100 was down 1.6%, while Frankfurt’s DAX, Paris’s CAC 40 and Milan’s FTSE MIB were all down more than 2.4%, as of 09:30 CET. Madrid’s IBEX 35 fell nearly 2.7%, and the pan-European Stoxx 600 lost about 2%.

While rising oil and gas prices are threatening Europe’s economic outlook this year, trading sentiment was further impacted on Monday by worse-than-expected data from Germany.

German industrial production and factory orders both fell at the start of the year. Output decreased by 0.5% in January following a revised 1% decline the previous month, the statistics office said on Monday.

Meanwhile, investor expectations are rising that the European Central Bank could raise benchmark interest rates this year, as soaring energy prices fuel fears that inflation may surge.

The panic in the stock market unfolded as oil prices became the main focus for investors.

Oil prices soaring

Oil prices rocketed higher as both sides in the Iran conflict struck new targets over the weekend, including civilian infrastructure. The war, now in its second week, involves regions critical to the production and transport of oil and gas from the Persian Gulf.

Prices moderated after the Financial Times reported that some members of the Group of Seven (G7) were considering releasing strategic oil reserves to ease pressure on markets. The unconfirmed report cited unnamed sources familiar with the discussions.

Oil prices spiked near $120 per barrel before falling back on Monday as the conflict intensified, threatening production and shipping in the Middle East and rattling global financial markets.

The price for a barrel of Brent crude, the international benchmark, surged to $119.50 early in the day but later traded around $107.80.

West Texas Intermediate (WTI), the US benchmark, spiked to $119.48 per barrel but fell back to around $103 by the European market open.

Strikes on Iranian oil facilities risk increasing pressure on an already tight global energy market, analysts warned. Lindsay James, investment strategist at Quilter, said “Iran accounts for roughly 4% of global oil supply, and around 90% of its exports are directed to China.”

The world’s second-largest economy has vast reserves, but analysts say any prolonged damage to Iran’s export capacity could weigh on its economic recovery and eventually affect global markets.

James also warned that attacks on shipping and energy infrastructure in the Gulf risk escalating tensions and unsettling markets that had initially expected the conflict to be resolved quickly.

After disruptions in the Strait of Hormuz linked to the conflict, the European gas market is also under pressure. Natural gas futures jumped more than 14% on Monday to above €61 per megawatt-hour, nearing their highest level in three years and extending last week’s 67% surge.

Several major producers in the region have cut back output, and Qatar’s Ras Laffan facility — the world’s largest liquefied natural gas (LNG) plant — was shut down last week.

Russia has also warned it could halt natural gas exports to Europe, adding to market anxiety.

At the same time, Europe’s gas reserves remain low, with EU storage levels below 30% and requiring refilling.

Early Monday, the US dollar, which retains its status as a safe-haven asset, gained against other major currencies. It was trading at 158.46 Japanese yen, up from 158.09 late Friday. The euro rose slightly to $1.1558 from $1.1556.

In other trading, gold prices were down more than 1% on Monday morning in Europe, trading around $5,100, while cryptocurrencies were mostly higher. One bitcoin traded at $67,774, up 0.7%.

IMF: ‘Think of the unthinkable and prepare for it’

As fears grow over how long the war could last — and with Asian markets, often seen as engines of global growth, under heavy pressure — International Monetary Fund Managing Director Kristalina Georgieva warned that policymakers must prepare for the “unthinkable.”

“If the new conflict proves prolonged, it has clear and obvious potential to affect market sentiment, growth, and inflation, placing new demands on policymakers,” Georgieva said in a keynote speech at a symposium in Tokyo on Monday.

She reminded her audience that, as a rule of thumb, every 10% increase in oil prices — if sustained through most of the year — could raise global headline inflation by about 40 basis points and reduce global output by 0.1–0.2%.

“And if, as we all hope, the conflict ends soon, then be sure that, before long, some new shock will come. My advice to policymakers everywhere in this new global environment? Think of the unthinkable and prepare for it,” she added.

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Are Gen Z’s Recession Concerns Valid?

Mar 8, 2026 Finance Desk

Key Takeaways

Gen Z views music and fashion trends as economic recession indicators.
Traditional economic indicators show no current signs of a recession.
Gen Z uses social media to discuss economic theories.
The U.S. has not been declared in a recession by the National Bureau of Economic Research.

Get personalized, AI-powered answers built on 27+ years of trusted expertise.

Generation Z is using social media to voice concerns about a potential U.S. recession, drawing attention to signs they believe are indicators of economic stress: from Lady Gaga’s newest album to 2000s-style low-rise jeans. Is this an exaggerated response to uncertainty, or is Gen Z tapped into early economic warning signs that might typically go unnoticed?

While it can be tempting to get sucked into these theories, ultimately, experts and data suggest that these are unreliable indicators and that a recession is not looming. Here’s what to know.

Insights from Gen Z on Economic Trends

Generation Z is interpreting the return of 2000s trends as indicators of an impending recession. The resurgence of fashion styles such as low-rise jeans, cheetah print, and rhinestone apparel parallels the cultural trends leading up to the 2008 Great Recession. In turn, Gen Z is concluding that these are warning signs of a similar time period, rather than turning to actual economic data and expert analysis.

Music is another way Gen Z is interpreting recession indicators. For instance, Lady Gaga’s latest album has led TikTok users to comment on how the country is heading toward economic turmoil due to the album’s similarity to her pre-recession era music. Newer artists, such as Chappell Roan, are also sparking commentary on the resemblance of 2000s-styled music, reinforcing this theory.

Important

Social media plays a primary role in spreading Gen Z’s economic theories. For example, Gen Z has started incorporating these discussions in trending TikTok formats, such as “Get Ready with Me”-styled videos.

Economic Data Analysis: Understanding the Trends

So, is there any merit to what Gen Z sees as cultural cues to a souring economy? Established economic indicators suggest no. Traditionally, economists look at gross domestic product (GDP), unemployment rates, and the stock market to gauge recession risk. Let’s break down where each of these stands.

GDP

Government data reports that GDP grew at an annual rate of 1.4% in the fourth quarter of 2025. Increases in consumer spending and investment contributed to the GDP increase. For a recession to start, there needs to be an increase in the unemployment rate and a decrease in GDP for two consecutive quarters.

J.P. Morgan anticipated a 0.25% annualized growth rate in GDP for the second half of 2025. Based on their data, they estimated that the probability of a recession has decreased from 60% to 40% due to a reduction in tariffs on China by the United States.

Unemployment Rates

Economists and policymakers use the Sahm rule to identify if there is a recession, as described by the U.S. Congress. The rule signals a recession if “the three-month moving average of the unemployment rate increases by 0.5 percentage points or more relative to its low in the previous 12 months.”

Unemployment rates are currently at 4.4%, according to the U.S. Bureau of Labor Statistics. For comparison, the unemployment rate before the 2008 recession was 5%. Thus, the rule has not been triggered, indicating that there is no recession, though it remains a useful early indicator of a potential recession.

Important

The National Bureau of Economic Research has not declared the U.S. to be in a recession.

Stock Market

The Dow was down 1% on March 6, 2026. This downturn, however, appears to reflect a weak jobs report and oil futures amid war rather than signal an impending recession. For reference, the Dow declined 7% on Sept. 29, 2008.

The Bottom Line

Gen Z’s recession indicators, such as music and fashion, may be persuasive, but their concerns do not reflect actual trends. While the pressures of federal layoffs and tariff tensions persist, most traditional indicators signal a moderately stable environment and do not suggest the country is in a recession.

Ultimately, while Gen Z’s recession interpretations may not be reliable, they do highlight a cultural shift in how younger generations understand the economy, relying on cultural cues rather than traditional data.

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Trump Urges Latin American Leaders to Use Force Against Cartels

Mar 7, 2026 Finance Desk

(Bloomberg) — President Donald Trump told a group of Latin American leaders that they need to work with the US to target drug trafficking cartels as he sought to bolster US leadership in the region. Read More

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French blockade looms over Commission’s plan to fast-track trade deals in English

Mar 7, 2026 Finance Desk

Published on
07/03/2026 – 8:00 GMT+1

France will push back against a European Commission plan to fast-track ratification of trade agreements by circulating only English-language versions during talks with EU governments and lawmakers, skipping translation into the bloc’s 24 official languages, according to several sources.

The slow ratification of the contentious EU–Mercosur trade deal has frustrated the Commission, which wants to accelerate negotiations and bring deals into force more quickly as it seeks new markets amid rising geopolitical tensions.

Translating the agreements into every official EU language can take months due to the legal scrubbing required before the ratification process begins. The EU executive has confirmed to Euronews that trade chief Maroš Šefčovič told EU trade ministers in February that the trade deal with India concluded on 27 January could serve as a test case for using English as the main language during ratification.

“We lost almost €300 billion by not having the Mercosur agreement in place since 2021, if it comes to the GDP, and more than €200 billion in export opportunities,” Šefčovič told journalists after meeting ministers on 20 February, adding that once negotiations end it can take up to 2.5 years before businesses can operate in partner countries.

“In today’s world, we cannot simply lose the time,” he said.

Šefčovič said the Commission would ensure the agreements are translated into all 24 official EU languages once published in the Official Journal, i.e. after ratification. He added the proposal was backed by at least seven member states at the meeting, though not all countries had time to speak.

French sources who spoke to Euronews were insistent that Paris would vigorously oppose the move to English-only agreements if necessary.

“As a matter of principle, we defend the use of all the languages of the Union, and in particular French, which is one of the EU’s working languages,” one official told Euronews.

‘Transparency, precision and understanding’

Language policy in the bloc’s institutions remains politically sensitive for countries such as France, whose language has declined sharply over the past decades as English massively dominates daily work in the European Union institutions – despite French, German and English being the three working languages.

“Switching entirely to English raises a legal and democratic issue, and the Commission is well aware of it,” an EU diplomat told Euronews.

On its website, the European Commission says linguistic diversity is essential and that the EU promotes multilingualism in its institutional work.

The bloc once even had a commissioner dedicated to multilingualism, though the portfolio was gradually merged with others and eventually disappeared.

“I have the impression that in some cases the Commission seizes the opportunity to push the idea that English has a superior status, and that the other official languages are translation languages that can come later,” Michele Gazzola, expert in language policy, said.

He added that relying only on English during ratification could pose problems for members of the European Parliament, and even more so if national parliaments are involved.

“It’s a matter of transparency, precision and understanding.”

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GCC Mulls Action Over Iranian Attacks

Mar 6, 2026 Finance Desk

At least 10 people have died, and more than 100 have been injured, after Iran launched barrages of missile and drone attacks against every member of the GCC in retaliation for US-Israeli strikes on Tehran.

Until February 28, few in the Gulf Cooperation Council (GCC) could have imagined missiles flying overhead, let alone crashing into the glass facades of five-star hotels. For decades, cities such as Dubai, Abu Dhabi, and Doha had been marketed as luxurious, safe havens—business and financial hubs seemingly shielded from the harshness of the desert and regional geopolitical turbulence, thanks to vast petrodollar wealth.

Recent attacks have punctured that sense of invulnerability.

The economic implications remain uncertain, but the US-Iran war marks a clear turning point. With much of the region still on high alert, business activity has begun to slow down and investors are reassessing risk. In January, the World Bank projected 4.4% growth for GCC countries this year. On March 2, however, JPMorgan cut its non-oil growth forecast by 0.3 percentage points.

“Businesses shift quickly into contingency mode: staff safety, operational coverage, supply, and cash-flow discipline,” says Abdulaziz Al-Anjeri, Founder & CEO, Reconnaissance Research in Kuwait. “You also see immediate attention to the ‘price of risk’—airspace and logistics friction quickly translate into higher war-risk premiums, insurance costs, and delayed decisions. The strongest response is quiet competence—keeping the lights on without drama”

Even in the most remote areas of the GCC feel the effects of the crisis. In Khasab, the last Oman town on the coast of the Strait of Hormuz and a popular tourist destination for outdoor activities, Ali Al Shuaili runs a diving center.

“Everything is normal, but the sea is closed so we can’t go fishing or diving and, of course, all tourist bookings have been cancelled,” he tells Global Finance via WhatsApp. “Life-wise, it looks normal, but everybody is worried about the business. We pray for everything to settle down quickly.”

For now, banks in the region are absorbing the shock, supported by strong liquidity and capital buffers.

“We are not seeing any direct impact on banking operations in the UAE or the wider GCC,” says Bader Al Sarraf, Research Analyst at Standard Chartered’s UAE office. “Financial institutions across the region continue to operate normally, supported by strong infrastructure, resilient financial systems, and established operational resilience frameworks that enable banks to continue facilitating transactions and supporting business activity even during periods of heightened uncertainty.”

Banks and major institutions focus first on continuity— keeping core functions stable: payments, customer access, liquidity management, and clear reassurance, adds An-Anjeri. “In moments like this, finance is not only about balance sheets; it’s also about maintaining confidence, because uncertainty can do damage even without physical disruption.”

Across the region, the prevailing approach among institutions, corporates, and investors is to monitor developments rather than take immediate action, according to Al-Sarraf.

“Given that the situation remains fluid and still in its early stages, many are in a ‘digest and risk assessment’ phase before making strategic decisions,” he says. “This reflects a period of careful observation as developments continue to unfold and as businesses and investors evaluate the potential implications across sectors and economic activity.”

One immediate concern is digital infrastructure. The Gulf has spent years positioning itself as a regional hub for data centers, but the conflict has exposed its vulnerability. Amazon Web Services reported that drones attacked three of its facilities in the UAE and Bahrain, disrupting cloud and IT services across the region. In the UAE, several bank customers briefly lost access to their online accounts. Such incidents could prompt US tech giants, including Amazon, Microsoft, Google, and Oracle, all of which have invested heavily in Gulf data infrastructure, to reassess their exposure.

Weaknesses Exposed

The war has highlighted structural weaknesses in the region’s economic model. Despite years of diversification efforts, most GCC economies still rely heavily on hydrocarbon revenues.

QatarEnergy, the world’s largest liquified natural gas (LNG) producer, halted production afte drones hit two of its facilities. Oil exports are also affected. Saudi Arabia partially shut the Ras Tanura refinery, one of the largest in the Middle East, with a capacity of 550,000 barrels a day.

Now, all eyes are on the Strait of Hormuz, a strategic chokepoint through which roughly a fifth of the world’s hydrocarbon supply transits. For GCC economies, the disruption translates into billions of dollars in daily revenue at risk.

“If the war drags on, you can get a mixed picture: energy revenues may benefit from risk pricing, while the broader economy pays through confidence, logistics, insurance, and financing costs,” says Reconnaissance Research’s An-Anjeri. “Non-oil sectors tend to feel prolonged uncertainty first because they’re confidence-sensitive—services, travel, retail, private investment. GCC states have buffers, but buffers don’t replace stability.”

Another major concern is food security: The region relies overwhelmingly on imports to feed its population, with roughly 70% of food shipments arriving through the Strait of Hormuz. The system has faced stress tests before—during the Covid-19 pandemic, for instance, and in 2017 when several GCC countries, including Saudi Arabia and the UAE, imposed an embargo on Qatar. At the time, Doha imported around 90% of its food. Since then, the country has invested heavily in domestic production and is now self-sufficient in milk, but it still depends on imports for much of the rest.

Water security may be an even more critical vulnerability. Nearly 90% of drinking water in GCC countries comes from desalination plants. Any disruption, whether from direct damage or oil spills affecting coastal facilities, could quickly trigger a humanitarian crisis within days.

For now, most governments and businesses are in a wait-and-see mode. But as the conflict widens, including in Lebanon and, to a lesser extent, towards Cyprus and Turkey… longer-term scenarios are beginning to enter boardroom discussions.

“In the short run, if the war ends quickly, I don’t think there will be any significant impact on the banks, but if the conflict extends over weeks and if the flow of oil and gas through the Strait of Hormuz continues to be even temporarily interrupted, eventually this will definitely affect GCC economies, government revenues, and trade flows,” notes Beirut-based Ali Awdeh, head of research at the Union of Arab banks.

For Al-Anjeri, the situation evolves, a number of lessons are already emerging: “For institutions, the takeaway is to treat stress-testing as real: cyber scenarios, telecom dependencies, liquidity access, supply-chain choke points, and customer-communication playbooks that are ready before the crisis—not written during it,” he says. “Hardware matters, but crisis governance matters too: credible communication, continuity discipline, and de-escalation channels so one incident doesn’t trigger a chain reaction.”

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Qatar Offers to Lease LNG Ships as Top Exporter Stays Shut

Mar 6, 2026 Finance Desk

(Bloomberg) — Qatar is now offering a total of 10 liquefied natural gas tankers that it controls for lease, as the country’s massive export facility in the Persian Gulf remains shut due to the ongoing war in the Middle East. Read More

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European markets lost ground as oil prices climb further amid new Iran attacks

Mar 5, 2026 Finance Desk

European stock markets turned early gains into losses by early afternoon, following a rally in Asian markets, as investors searched for direction nearly a week after the United States and Israel launched strikes on Iran that sent global markets on a rollercoaster.

By 2 p.m. CET, Germany’s DAX was down by 0.2%, similar to the CAC 40 in Paris and Britain’s FTSE 100.

Madrid’s IBEX stood out by gaining 0.3% as the European benchmark European Stoxx 600 was down by a few points.

Before noon, European trading followed strong gains in Asia, where South Korea’s Kospi jumped by more than 9%, recovering much of Wednesday’s 12.06% fall.

“A decent showing on Wall Street last night and a solid performance from Asia on Thursday helped to spur part of Europe into a higher gear,” said Dan Coatsworth, head of markets at AJ Bell, commenting on the morning trade.

Uncertainty about the war in the Middle East has continued to rattle financial markets, with investors closely watching movements in the oil price.

Crude prices continued to rise. US benchmark WTI was trading 3% higher at around $76.8 a barrel, while the international benchmark Brent crude was up 2% after 2 pm CET.

“Brent crude continued to move higher, nudging above $83 per barrel and stoking fears that energy bills will go through the roof,” Coatsworth said.

“Oil is so important to the world economy and to see the price rise so quickly in just a week could leave investors feeling dazed and confused.”

He added that the situation in the Middle East was unfolding rapidly, making it difficult for investors to judge whether markets were facing a prolonged energy crisis or “just a short, sharp shock”.

Meanwhile, US futures slipped as Iran launched more missiles at Israel on the sixth day of the conflict.

The latest escalation included Iranian attacks on Israeli and American bases. Iran warned the United States would “bitterly regret” torpedoing an Iranian warship in the Indian Ocean, while a religious leader called for “Trump’s blood”.

Israel said it had begun a “large-scale” attack on Tehran.

On Wednesday, US stocks rose as oil prices steadied, albeit temporarily.

Investor sentiment was also supported by a report showing growth in US businesses in the real estate, finance and other services sectors accelerated last month at the fastest pace since the summer of 2022.

The S&P 500 rose 0.8%, erasing much of its losses since the conflict with Iran began.

The Dow Jones Industrial Average added 0.5%, while the Nasdaq Composite climbed 1.3%.

Another report suggested US private-sector employers increased hiring last month, a potentially positive signal ahead of a broader US government labour market report due on Friday.

Investors remain concerned about how long the conflict could last, how much inflation may rise due to higher oil prices, and what impact that could have on corporate profits.

Gains in major technology companies also lifted Wall Street.

Amazon rose 3.9%, while Nvidia added 1.7%. As two of the largest companies in the US market by value, their movements have a significant impact on the S&P 500.

Wednesday’s strong economic data was also welcome news for the Federal Reserve, which is trying to keep the labour market strong while bringing inflation under control.

However, the jump in oil prices could complicate that task by pushing inflation higher.

In other dealings on Thursday, gold trade was slightly down by early afternoon, losing 0.3% and traded at $5,120 an ounce.

The US dollar traded at 157.64 Japanese yen, while the euro slipped to $1.1623 from $1.1636.

Analysts said the dollar has strengthened partly because the US is seen as facing less direct risk from the conflict than other countries.

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Crypto’s 24/7 platforms dominated Iran war trading when markets closed

Mar 5, 2026 Finance Desk

When President Trump announced the initial wave of US and Israeli strikes on Iran at 8:30 a.m. CET on Saturday 28 February, marking the start of Operation Epic Fury, all traditional financial markets were closed.

Most markets operate Monday to Friday only, meaning weekend developments, however significant, cannot be priced in until trading resumes on Monday morning, creating a bottleneck of reaction at the open.

US equities, futures, major foreign-exchange platforms, commodity markets, Asian and European bourses were all closed on Saturday.

Middle Eastern exchanges, such as those in Saudi Arabia and Qatar, opened on the second day of the conflict, as they trade Sunday to Thursday, but these attract fewer Western participants and, consequently, lack liquidity.

In the past, investors facing such a major geopolitical shock on a Saturday would have been forced to wait until US futures reopened Sunday evening to start pricing in an expectedly chaotic Monday.

Crypto never sleeps

This time, however, they had a genuine alternative — crypto-based platforms that trade 24 hours a day, 7 days a week and 365 days a year, are globally accessible and settle transactions almost instantly.

The standout choice was Hyperliquid, a decentralised perpetuals exchange that offers contracts not only on cryptocurrencies but also on real-world assets including crude oil.

According to on-chain data, trading volume on the platform spiked sharply, reaching peaks near $200mn (€172mn) in a single 24-hour period on Saturday.

The oil-linked perpetual contracts on Hyperliquid, such as OIL/USDH and USOIL/USDH, rose more than 5% almost immediately after the US-Israeli strikes were announced, providing one of the first real-time price signals before traditional markets reopened.

Hyperliquid contracts were not the only instruments drawing attention.

Tether’s XAUT, a token fully backed by physical gold held in vaults, saw its 24-hour trading volume exceed $300mn (€258mn) — a remarkable figure for a weekend.

Prediction markets such as Kalshi and Polymarket also posted massive volumes, while Bitcoin, Ethereum and other crypto tokens were sold off as proxy assets for broader negative risk sentiment.

For the first time in many observers’ memories, crypto markets were effectively “the market” during the weekend.

In a memo published on Tuesday, Matt Hougan, chief investment officer at Bitwise, described it as “the weekend that changed finance”.

Critics will point out that crypto markets remain smaller and more volatile than their traditional counterparts, and that regulatory and operational risks persist.

However, the events of the past weekend showed that on-chain finance is moving from the fringes to the core of global capital markets far faster than most forecasts anticipated even six months ago.

Traditional exchanges accelerate push for 24/7 trading

The success of crypto platforms during the Iran conflict adds to the pressure already felt by legacy financial institutions to follow suit and provide perpetually open markets.

The New York Stock Exchange, owned by Intercontinental Exchange, is actively developing a blockchain-based alternative trading system for tokenised equities and exchange-traded funds that would enable genuine 24/7 trading with instant settlement.

Announced in early 2026 and still subject to regulatory approval, the platform would combine NYSE’s existing matching engine with private blockchain networks for post-trade processing.

Trades could be funded and settled in real time using stablecoins, bypassing the T+1 settlement cycle, which dictates the transfer of securities and the corresponding payment must be completed by the next business day and still governs equity markets.

The tokenised venue has a potential launch window as early as the second quarter of 2026, with broader 22 to 23-hour weekday trading on NYSE targeted for later in the year or early 2027, subject to coordination with the SEC, DTCC and market-data providers.

Nasdaq has filed similar proposals to extend US equities trading to 23 hours a day, five days a week, with an anticipated rollout in the second half of 2026.

These moves represent a direct response to the competitive pressure exerted by always-on crypto venues and the growing frequency of market-moving events that occur outside traditional hours.

The Iran weekend served as a vivid case study.

With hedge funds and proprietary traders already active on Hyperliquid and other decentralised platforms, established exchanges recognise that failing to offer comparable access risks losing order flow permanently.

Tokenisation provides the technological bridge, allowing continuous trading while preserving existing regulatory safeguards around custody, dividends and shareholder rights.

Crypto market bill stalls despite Trump backing

While the crypto infrastructure demonstrated its resilience over the weekend, progress on the legislative front remains frustratingly slow.

The Digital Asset Market Clarity Act of 2025, known as the CLARITY Act, passed in the US Congress last year with strong bipartisan support but has since become bogged down in the Senate.

The primary sticking point is friction between the banking and crypto sectors over the treatment of stablecoin yields under the separate GENIUS Act, which established the first federal framework for stablecoin issuers.

Banks argue that yield-bearing stablecoins could drain deposits, and they have lobbied to close perceived loopholes.

Crypto proponents counter that such rewards are essential for customer retention and innovation.

On Tuesday, President Trump weighed in directly via Truth Social.

“The Genius Act is being threatened and undermined by the banks, and that is unacceptable — we are not going to allow it. The U.S. needs to get market structure done, asap.”

Moreover, President Trump further sided with the crypto sector by stating that “The banks are hitting record profits, and we are not going to allow them to undermine our powerful crypto agenda that will end up going to China, and other countries, if we don’t get the Clarity Act taken care of.”

Despite the presidential intervention and earlier White House meetings between the two industries, no resolution has been reached.

The Senate Banking and Agriculture committees continue to advance differing drafts, and a full vote remains elusive.

With the bill effectively stalled, market participants are left without the regulatory certainty many had hoped would arrive before the end of the first quarter.

The irony is not lost on observers. While crypto markets proved their worth during a real-world crisis, the very legislation designed to integrate them safely into the traditional system remains hostage to lobbying battles.

Until a resolution is achieved, the speed of innovation will continue to outstrip the pace of rulemaking — a dynamic the Iran weekend has only made more apparent.

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US-Iran War Puts Strait Of Hormuz Under Fire, Disrupting Global Energy Trade

Mar 4, 2026 Finance Desk

Home News US-Iran War Puts Strait Of Hormuz Under Fire, Disrupting Global Energy Trade

US strikes on Iran escalate Strait of Hormuz tensions, spiking energy prices, disrupting trade and heightening global geopolitical risk.

Trade traffic within the Strait of Hormuz has nearly halted as fuel tankers and other shipping remain vulnerable to attacks and are virtually uninsurable, amplifying fears that the US-Israeli war on Iran is turning into a broader global conflict with major economic consequences.

Global energy prices, especially, are a key focus point since the Strait serves as a critical maritime artery for roughly 20% of the world’s oil flows — 70% of that oil goes to China, South Korea, India, and Japan.

Meanwhile, President Donald Trump’s standoff with EU leaders over the use of certain military bases is making an already contentious situation worse.

Chokepoint Under Fire

Iran’s Revolutionary Guards claim total control of the passage just days after US-led airstrikes killed Iran’s Supreme Leader, Ayatollah Ali Khamenei. The UK Maritime Trade Operations Center is actively documenting multiple vessel attacks and electronic interference affecting navigation in and around the Gulf.

A bomb-carrying drone boat struck a Marshall Islands-flagged tanker in the Gulf of Oman, killing at least one mariner, according to the Wall Street Journal, citing Omani authorities.

The economic shock was swift. West Texas Intermediate crude notched its biggest two-day rally since March 2022. European natural gas prices nearly doubled in 48 hours. The biggest jolt came after QatarEnergy halted liquefied natural gas production following attacks on its facilities, sending European gas prices soaring more than 40%. The United States Oil Fund LP rallied over 15% over the past five days.

Analysts are also at odds over whether a total Iranian blockade will occur.

Insurance Vanishes, Ships Stall

“A sustained, structural military blockade by Iran that totally stops ships from passing through is unlikely,” Morningstar Equity Director Joshua Aguilar said. Still, the commercial reality may produce the same effect.

“Ships may not pass through because no insurance is willing to cover them,” Aguilar added

Mutual insurers such as the London P&I Club, NorthStandard, UK P&I Club and Noord Nederlandsche P&I Club provide coverage for vessels navigating volatile regions. If that coverage drops, shipping companies face untenable exposure — effectively freezing commerce even absent a formal blockade.

In response, Trump said on his Truth Social platform that he had ordered the US International Development Finance Corporation to offer political risk insurance and guarantees “for the financial security of all maritime trade, especially energy, traveling through the Gulf.” He also said the US Navy would escort tankers through the Strait.

BIMCO’s Chief Safety & Security Officer, Jakob Larsen, scrutinized the logic of Trump’s plan. Indeed, naval escorts would reduce the threat ships currently face.

“That said, providing protection for all tankers operating in areas currently threatened by Iran is unrealistic,” he says. “This would require a very high number of warships and other military assets.”

CaixaBank, in a research note on Wednesday, issued its own warnings about Iran’s attacks and Strait of Hormuz closures. Energy prices will spike as long as the disruption continues, the firm predicts.

“Iran’s response — expanding the radius of the conflict, effectively closing maritime traffic through Hormuz, and threatening critical infrastructure — is causing a short-term escalation of tensions,” the firm stated. “It remains to be seen for how many days this response can be sustained and what approach will be taken by the new leadership core (and, in particular, by Khamenei’s successor).”

Persistent high prices could prompt hawkish European Central Bank and Federal Reserve moves, increasing economic drag, the firm continued.

Transatlantic Talks Turn Tense

The maritime chaos is unfolding alongside a sharp diplomatic rupture with Europe. Trump on Tuesday threatened to “cut off all trade with Spain” after Madrid refused US access to its military bases. He also criticized the UK’s decision to block the use of Diego Garcia in the Indian Ocean.

“This is not the age of Churchill,” Trump said during a White House meeting with European counterparts. “The UK has been very, very uncooperative with that stupid island that they have.”

The remarks underscore mounting friction within NATO and the broader Western alliance at a moment when coordinated action would be critical to stabilizing markets. Instead, the spat adds another layer of uncertainty to global trade flows already strained by inflation and tariff confusion on the heels of the US Supreme Court ruling against Trump.

Many dealmaking plans are also likely on hold, marking a stark contrast to 2025, the second-highest year on record for transaction value.

“The sentiment was that the stars were aligned” for a similar trajectory in 2026, said Kyle Walters, an analyst at PitchBook.

M&A consultancies such as McKinsey & Company and Bain & Co. had projected sustained M&A growth in 2026 due to energy security priorities, sovereign wealth fund firepower, and supportive fiscal reforms.

Then one weekend changed the narrative. As Walters puts it: “Uncertainty is bad for M&A appetite.”

Tariff ambiguity can slow deals. Inflation complicates financing. Armed conflict in a region central to global energy flows is far more destabilizing.

“In periods of uncertainty, buyers take a step back. They’re in wait-and-see mode,” Walters said, adding that domestic M&A has been “flipped on its head.” Cross-border activity is particularly exposed, with capital flight, currency volatility, and political risk creating an “unopportunistic M&A environment.” European firms considering expansion into the Middle East now face heightened scrutiny; “It has to be an A+ transaction to proceed,” Walters said.

Markets Brace For Escalation

What began the year as a story of alignment and acceleration has become one of recalibration — with capital pausing just as geopolitical risk surges.

BMI, a unit of Fitch Solutions, outlined a short-term scenario in which the US coordinates with Israel to overwhelm Iran and minimize retaliation against US assets and the Strait itself.

But even a limited campaign carries economic consequences.

Abigail Hall, a senior fellow at the Independent Institute, warned that energy markets are likely to bear the brunt. “There are already concerns about shipping and other disruptions — particularly around the Strait of Hormuz,” she said, pointing to “knowledge constraints on the part of policymakers and the presence of misaligned incentives.”

Hall also expressed skepticism that the US-led strikes would produce long-term political transformation inside Iran. “You may have ‘cut the head off the snake,’ but neglected the fact that there were many other vipers in the room,” she said.

Military strikes, she explained, often empower the most extreme factions of a country and produce a “rally-around-the-flag” effects whereby an external attack draws the civilian population toward the existing regime.

“In Iran we’ve seen that military escalation, and the domestic dissent it inspires,” she adds. “It often leads to harsher repression and increased regime control.”

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MONEY

Techcombank on the Future of Private Banking in Vietnam

Mar 4, 2026 Finance Desk

Home Awards Award Ceremonies and Events In Conversation with Techcombank on Private Banking and Wealth Management in Vietnam

Nguyen The Anh, Director of Private & Priority Banking at Techcombank, spoke with Global Finance about the rapid maturation of Vietnam’s wealth management market and the growing importance of preparing next-generation clients and families for long-term succession planning.

Techcombank was named Best Private Bank in Vietnam 2026 by Global Finance, with the award presented at a ceremony held at Claridge’s in London, bringing together leaders from across the global private banking industry.

The recognition reflects Techcombank’s expanding wealth platform and its commitment to supporting Vietnamese entrepreneurs and families as they navigate intergenerational wealth creation, preservation, and transition.

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MONEY

‘A Multi-Million-Barrel Disruption’

Oil Prices Spike

Can Any Country Fill The Gap?

US Shale Is Another Issue

US congressional inquiry adds pressure

Key Takeaways

1. Emmerson Family: Owners of 2.4 Million Acres

2. John Malone’s 2.2 Million Acre Holdings

3. Ted Turner’s 2 Million Acres

4. Stan Kroenke’s 1.8 Million Acre Empires

5. Reed Family’s 1.7 Million Acre Ownership

6. Irving Family Controls 1.3 Million Acres

7. Buck Family’s 1.2 Million Acres of Land

8. Singleton Family’s 1.1 Million Acre Landhold

9. The King Ranch Heirs’ 911k Acres

10. Pingree Heirs Control 830k Acres

How Much Land Is Owned by Indigenous People In the U.S.?

How Much of U.S. Land Is Owned by Other Countries?

The Bottom Line

Stock markets cheer the news

A different crisis?

Best Bank for Sustainable Finance

Sustainable Finance Deal of the Year: EcoRioMinas – Green Transition Bonds

Best Bank for Sustainability Transparency

Best Impact Investing Solution

Best Bank for Sustaining Communities

Best Bank for Sustainable Infrastructure/Project Finance

Best Bank for Blue Bonds

Best Bank for Transition/Sustainability-Linked Loans

Best Bank for Green Bonds

Best Bank for Social Bonds

Best Bank for Sustainability Bonds

Equity markets drop over uncertainty

Potential stagflation scenario

Best Bank for Sustainable Finance

Circular Economy Commitment

Best Bank for Sustaining Communities

Best Bank for Sustainability Transparency

Best Bank for Blue Bonds (New for 2026)

Best Bank for Social Bonds

Best Bank for Sustainability Bonds

Sustainable Finance Deal of the Year: Nautilus Solar Energy Long-Term Debt Facility

Best Platform/Technology Facilitating Sustainable Finance

Best Bank for Green Bonds

Best Bank for Transition/Sustainability-Linked Loans

Best Bank for Sustainable Infrastructure/Project Finance

Oil prices soaring

IMF: ‘Think of the unthinkable and prepare for it’

Key Takeaways

Insights from Gen Z on Economic Trends

Important

Economic Data Analysis: Understanding the Trends

GDP

Unemployment Rates

Important

Stock Market

The Bottom Line

‘Transparency, precision and understanding’

Weaknesses Exposed

Crypto never sleeps

Traditional exchanges accelerate push for 24/7 trading

Crypto market bill stalls despite Trump backing

Chokepoint Under Fire

Insurance Vanishes, Ships Stall

Transatlantic Talks Turn Tense

Markets Brace For Escalation

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