Day 24: The IEA calls it worse than the 1970s as Trump’s deadline expires and Ukrainian drones reach deeper than ever into Russia.
Worse Than the 1970s — Combined
IEA chief Fatih Birol says the combined effect of the Iran war on energy markets surpasses the 1970s oil shocks — and wasn’t initially understood by world leaders. The agency may release strategic reserves. Meanwhile, the 48-hour ultimatum has expired: Iran responded by threatening to destroy desalination plants and “irreversibly” damage infrastructure across the Gulf. Oil is up 3.5%. Hundreds of petrol stations across Australia have run dry. Treasury Secretary Bessent defended escalation with “sometimes you have to escalate to de-escalate.”
Search teams recover bodies from
rubble in Iran after Israeli air strikes — power outages now reported in
Tehran.
The IRGC Toll Booth
A sharp analysis from Gizmet Brief explains why Iran’s Strait of Hormuz corridor is succeeding economically: Lloyd’s designated the Persian Gulf a war-risk zone, pushing insurance premiums to $1.8–3.6 million per voyage. The IRGC charges $2 million. Zero ships have used the US-backed CENTCOM safe corridor despite military escort; 116 commodity vessels have crossed via the toll corridor in three weeks. The toll booth is cheaper than the insurance.
Ukraine’s Deep Strikes
Ukrainian drones reached Ufa — 1,300km from the front line — hitting refinery facilities in Bashkortostan. Primorsk oil port in Leningrad Oblast is also burning. Meanwhile, Russia’s Spring-Summer offensive has begun with battalion-sized mechanized assaults against the Lyman-Borivka sector. Early results mirror last week’s catastrophe: 970 killed/wounded daily, 8,000+ in the past week, no confirmed territorial gains.
Fire at the Saratov Oil Refinery
following Ukrainian drone strike, March 21, 2026.
Also today: Cuba’s grid collapsed again — 10 million without power as the US fuel blockade continues. Sudan drone strikes killed 64 at a hospital during Eid. Israel expanding ground operations in Lebanon. Charles Bennett wins Turing Award for quantum cryptography.
Markets
| Indicator | Value | Change |
|---|---|---|
| S&P 500 | — | −1.7% |
| Oil | — | +3.5% |
| Gold | — | −3.1% |
| EUR/USD | 1.0843 | — |
| USD/NOK | 10.82 | — |
Oil +3.5% on Hormuz fears. Asian markets tumbled 4%. Gold down despite risk-off mood — possible margin calls.
People gather in the dark during
the blackout in Havana.
Russian 91N6E radar from the S-400
Triumph air defense system destroyed by Ukrainian drones.
Ukrainian soldiers from the 93rd
Brigade using a ground robot for logistics.
Map showing the Hormuz Toll
Corridor operated by IRGC.
Code showing different
data types used for different money values in RollerCoaster Tycoon.
Screamer 2 frame rendered
by the FPGA Voodoo 1 reimplementation.
Botfarm task history showing per-task
API costs for autonomous coding tasks.
Single-cell analysis of immune
cell populations in Long COVID with ME/CFS vs recovered controls.
Schematic of T cell dynamics
mechanisms across acute infection, convalescence, and Long COVID
phases.