March 20 Overseas Market Headlines: Oil Prices Plunge Intraday, Gold and Silver Selloff Intensifies, Trump Pledges Israel Won't Attack Iran's Energy Facilities Again

Global Financial Media’s Top Headlines from Last Night and This Morning:

1. Trump Promises Israel Will No Longer Attack Iran’s Important Gas Fields

2. Oil Prices Turn Downward, After Briefly Reaching $119 for Brent Crude, Israel Allegedly to Help Open Strait

3. Qatar Liquefied Natural Gas Supply Reportedly Reduced by 17% Due to Iranian Attacks, Severe Impact Expected on Asian Buyers

4. JPMorgan Chase and Goldman Sachs Offer Hedge Funds Tools for Shorting Private Credit

5. U.S. Department of Justice and White House Reportedly Support Prosecutors’ Appeal to Advance Investigation of Fed Chair Powell

6. Inflation Panic Sweeps Global Markets, Gold and Silver Sell-Off Accelerates

Trump Promises Israel Will No Longer Attack Iran’s Important Gas Fields

U.S. President Trump stated that Israel will no longer attack Iran’s natural gas infrastructure after Israel “vigorously struck” a facility at the world’s largest natural gas field. According to media reports citing the U.S. president, Trump warned on social media that if Iran retaliates again, Israel may launch another strike.

Israel attacked a gas field this week, which it called South Pars and shared with Qatar (Qatar calls it the Northern Gas Field). In response, Iran demanded neighboring countries evacuate some oil and gas facilities and carried out retaliatory strikes, including targeting Qatar Energy’s LNG hub Ras Laffan.

Qatar reported that the facility suffered “extensive damage.” Meanwhile, Saudi Arabia reported intercepting four ballistic missiles aimed at Riyadh. The UAE stated that operations at a natural gas facility have been suspended due to missile-related incidents and debris.

Oil Prices Turn Downward, After Briefly Reaching $119 for Brent Crude, Israel Allegedly to Help Open Strait

On Thursday, after Israel announced it was assisting in reopening the crucial Strait of Hormuz shipping lane, U.S. oil prices declined.

International benchmark Brent crude futures for May delivery fell about 2%, to $104.79 per barrel, after briefly rising above $119 earlier in the session. U.S. West Texas Intermediate (WTI) crude futures rose earlier but then dropped more than 3%, to $93.33 per barrel.

According to reports, after Israeli Prime Minister Netanyahu spoke to the media, stating that Israel is assisting the U.S. in reopening the Strait of Hormuz, U.S. oil prices declined. Netanyahu also said Iran has lost its ability to enrich uranium and produce ballistic missiles. The prime minister added that the war could end faster than people expect.

Qatar Liquefied Natural Gas Supply Reportedly Reduced by 17% Due to Iranian Attacks, Severe Impact Expected on Asian Buyers

QatarEnergy CEO told Reuters that recent Iranian attacks damaged production facilities, affecting the country’s LNG export capacity by about 17%.

The CEO, Saad al-Kaabi, said repairs could take three to five years.

The escalation of conflict has caused natural gas prices to surge, with European natural gas futures soaring by up to 35% early Thursday, doubling pre-conflict levels. The spike highlights the long-term inflation risks from the ongoing Middle East conflict entering its third week.

QatarEnergy stated that an Iranian missile caused serious damage to Ras Laffan, the world’s largest LNG plant. This marks another escalation in hostilities. In recent days, a series of attacks on oil and gas infrastructure have occurred across the Middle East.

JPMorgan Chase and Goldman Sachs Offer Hedge Funds Tools for Shorting Private Credit

Sources familiar with the matter say that Goldman Sachs and JPMorgan Chase have provided hedge fund clients with ways to short the private credit market, which is valued at $1.8 trillion.

These firms have assembled a series of listed company portfolios with exposure to this sector. Due to the customized nature of these products, sources requested anonymity.

Goldman’s index products include one focused on European financial institutions with private credit exposure; a portfolio covering Business Development Companies (BDCs); and a broader alternative asset management firm index. JPMorgan’s basket includes alternative asset managers and BDCs. Clients can also invest in these indices.

U.S. Department of Justice and White House Reportedly Support Prosecutors’ Appeal to Advance Investigation of Fed Chair Powell

Senior officials at the U.S. Department of Justice support federal prosecutors in pursuing the investigation into Federal Reserve Chair Jerome Powell, and the White House does not oppose this.

Sources familiar with the matter say that Trump was initially open to dropping the investigation into Powell until last Friday, when a judge dismissed a subpoena issued by the Department of Justice to the Fed.

The sources say Trump was angry about the ruling, believing the courts have long been against him, and his aides and allies are expected to support prosecutors’ appeal.

Shortly after the subpoena was dismissed, U.S. prosecutor Jenny Perro announced she would appeal the court’s decision. Trump has not publicly commented on Perro’s move, but some of his aides are surprised.

Inflation Panic Sweeps Global Markets, Gold and Silver Sell-Off Accelerates

On Thursday, gold and silver joined the global sell-off of assets, impacted by the Iran conflict and inflation fears, with gold and silver prices falling approximately 5% and 10%, respectively.

Spot gold plummeted over 3%, to $1,654.29 per ounce; nearby gold futures dropped about 5%, to around $1,648 per ounce.

Spot silver fell over 3%, to $72.62 per ounce; silver futures plunged over 8%, closing at $71.25 per ounce.