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Iran conflict sends oil prices surging, Trial begins for Erdogan’s main adversary, German Greens win in auto state

Pirhossein Kolivand, head of the Iranian Red Crescent Society, stands in front of the Shahran oil depot, which was targeted by US-Israeli strikes, in western Tehran, Iran, on March 8, 2026.

Pirhossein Kolivand, head of the Iranian Red Crescent Society, stands in front of the Shahran oil depot, which was targeted by US-Israeli strikes, on the eighth day of the war in western Tehran, Iran, on March 8, 2026.

Sobhan Farajvan/Pacific Press/Sipa USA
By Zac Weisz,
Zac Weisz
Zac reports on global affairs, covering everything from battles between judicial branches and political leaders, to conflicts in Africa, Europe, and the Middle East. With the Trump administration keen to alter the world order, though, there’s a heavy emphasis right now on US politics – an area with which he is intimately familiar. Prior to joining GZERO, Zac was a senior national politics correspondent at National Journal, where he covered the 2024 presidential election from its inception to the dramatic finish, as well as major congressional actions during the Biden administration. Prior to journalism, Zac worked as an economic analyst for Oxford Economics, calculating the impact of various tax policies, and of Britain’s exit from the European Union. Born in London, he currently resides in New York City, where you can find him playing football (the original version) or watching it on television while attempting to cook up a storm.
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Alex Kliment,
Alex Kliment
Alex wears a few different caps and tips them all regularly. He writes for the GZERO Daily, works as a field correspondent for GZERO's nationally syndicated TV show GZERO WORLD WITH IAN BREMMER, and writes/directs/voices GZERO's award-winning puppet satire show PUPPET REGIME. Prior to joining GZERO, Alex worked as an analyst covering Russia and broader Emerging Markets for Eurasia Group. He has also written for the Financial Times from Washington, DC, and Sao Paulo Brazil. In his spare time, he makes short films and composes scores for long ones. He studied history and Slavic literature at Columbia and has a Master's from Johns Hopkins SAIS. He's a native New Yorker, a long-suffering Mets fan, and owns too many bicycles.
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Riley Callanan
Riley Callanan

Riley is a former writer and reporter for GZERO. When she isn’t writing about global politics, you can find her making GZERO’s crossword puzzles, conducting research on American politics, or persisting in her lifelong quest to learn French. Riley spends her time outside of work grilling, dancing, and wearing many hats (both literally and figuratively).

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March 09, 2026
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Depot bombing, Strait of Hormuz constraints send oil prices surging

Oil prices skyrocketed above $100 per barrel on Monday – nearly hitting $120 at one point – after Israel bombed fuel depots outside Iran’s capital of Tehran and data showed oil production along the Persian Gulf tanking due to the near-closure of the Strait of Hormuz. US President Donald Trump said last week he was open to having the US Navy escort all fuel tankers through the Strait, through which 20% of the world’s oil supply passes. Analysts believe, though, that this may only have a limited effect. The secondary effects of high crude prices, if they are sustained, will be huge: there could be higher overall inflation (including greater energy and food costs), which itself may prompt the Fed to increase interest rates, likely slowing the economy. As Republicans are in power, this would be a devastating blow to GOP hopes for a successful midterm election in November.

Turkish opposition leader’s trial begins

Suspended Istanbul mayor Ekrem Imamoglu is one of hundreds of defendants on trial, beginning today, for what prosecutors say is a broad network of graft and kickbacks that bilked billions of dollars from the budget of Turkey’s largest city. Critics say the trial is designed to keep Imamoglu from challenging strongman President Recep Erdoğan in the 2028 election. Imamoglu, who represents the Republican People's Party (CHP), Turkey’s largest opposition party, won the Istanbul mayorship in 2019, in a major upset to Erdoğan, himself a former mayor of the city. Imamoglu was arrested last year, just days after announcing his intention to run for president. How serious is the national government about keeping him out of public life? If convicted, he could face more than 2,000 years in prison. Yes, you read that right, two thousand.

Green wave in the heartland of Germany’s auto industry

Germany's center-left Greens pulled off a surprise win in Baden-Württemberg on Sunday, with former agricultural minister Cem Özdemir coming out on top in the industrial, business-minded state. It's a significant upset for Prime Minister Friedrich Merz’s center-right Christian Democrat Union (CDU): the state is a traditional stronghold. It's also the beating heart of Germany’s auto industry – with Mercedes-Benz and Porsche based there. The result reflects growing anxiety over Chinese electric vehicles competition hollowing out Germany's auto sector, giving traction to the Greens' climate agenda and Özdemir's pragmatic, centrist appeal. The far-right Alternative for Germany (AfD) came in a strong third at 18%, nearly doubling its 2021 result. With four more state elections ahead over the next few months, the outcome shows a strong anti-incumbent streak in the electorate that could weaken the current governing coalition.

oil and gas sectoriranunited statesisraelturkeyerdoganimamoğlugermanygreen partyoil prices

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