06:33 AM EDT, 03/12/2026 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Thursday highlighted:

Markets: Brent surges back above $100/barrel in Asia, then consolidates. United States Treasury yields rise into the New York close, open even higher in Asia but remain stable there. Equity futures are down across the board. Euro (EUR) weakens to $1.154, yen (JPY) to 159.

U.S.: FBI warns of Iranian plan to attack California with drones. President Donald Trump says the U.S. will tap oil reserves.

Trade: U.S. launches new trade investigations into the European Union, China and others, citing excess manufacturing capacities.

Iran attacks three commercial ships and launches attacks on Iraq and Bahrain. Oman has evacuated all vessels from the port close to the Strait of Hormuz. Iraq halts operations at all oil terminals after strike on Basra port. U.S. declines request to escort commercial vessels through Strait of Hormuz. Iran tells intermediaries that it needs guarantees from the U.S./Israel not to attack to accept a ceasefire.

==EUROPE:

EU: Economic Commissioner Valdis Dombrovskis warns of inflation above 3% if the Iran war persists. EU President Ursula Von der Leyen is considering capping natural gas prices.

Spain: President Trump says the U.S. "may cut off trade with Spain."

==ASIA:

Japan: Central bank (BoJ) Governor Kazuo Ueda warns that weak yen and rising oil prices could amplify inflation.