A two-week truce between the US and Iran sparks a dramatic drop in oil prices and a surge in global stocks, but the Strait of Hormuz remains largely blocked and energy markets stay on edge.

OpenAI is making its most deliberate move yet towards a public stock market listing. This week, the company confirmed it is raising an additional $10 billion from investors, bringing its total funding round to more than $120 billion. At the same time, it is cutting consumer products, refocusing on business customers, and signalling to Wall Street that it is serious about profitability. The pieces of an IPO are falling into place.

UK defence stocks are posting some of their strongest gains in years, driven by rising government spending commitments and renewed geopolitical tensions following the Hormuz crisis. But as share prices push into record territory, analysts are asking whether the rally still has room to run or whether stretched valuations now represent a genuine risk for investors.

Global oil markets are now responding to the most serious disruption to Middle East energy supply since the 1970s. Following coordinated US and Israeli military strikes on Iran on 28 February 2026, the Strait of Hormuz has effectively closed to commercial shipping, putting roughly 20 per cent of the world's daily oil supply in jeopardy. With Brent crude reaching $85.41 per barrel by 5 March and forecasters warning of $100 or beyond, governments, energy agencies and shipping insurers are all reassessing the stability of global supply chains.

Artificial intelligence is moving from a technology topic to a strategic factor in international affairs and energy markets. As governments and companies race to build and expand AI infrastructure, the implications extend far beyond chips and algorithms into electricity systems, diplomatic alliances and energy planning for 2026 and beyond.