ECONOMIC WEEK AHEAD: March 8-12

This promises to be a nerve-racking week of developments in the Middle East. In the nine days since the US and Israel launched attacks on Iran, the conflict has embroiled various neighboring countries. Tehran’s moves to effectively shut the Strait of Hormuz are causing sharp spikes in oil and gas prices – and sending economic forecasters back to the drawing board.

This evening, Brent crude topped $100 a barrel. As such, this week’s reports from OPEC and the International Energy Agency (IEA) on shocks to seaborne energy from the Persian Gulf could be major market movers. Especially after the United Arab Emirates and Kuwait reduced oil production because they've run out of storage.