Overnight headlines on March 12th

1. The Dow fell 0.61%, the Nasdaq rose 0.08%, and the S&P 500 fell 0.08%. The Nasdaq Golden Dragon Index fell 0.77%. 2. Global benchmark Brent crude futures rose 4.76% to $91.98 per barrel. U.S. WTI crude futures rose 4.55% to $87.25 per barrel. 3. Trump said he will use the strategic oil reserve to ease the impact of oil prices, with the U.S. Department of Energy releasing 172 million barrels of oil from the strategic oil reserve. 4. The U.S. Congressional Budget Office released budget and economic outlook for 2026-2036. The federal budget deficit for the 2026 fiscal year is $1.9 trillion and will increase to $3.1 trillion by 2036. 5. It is reported that the Trump administration may announce a new trade investigation as early as Wednesday, targeting retaliatory tariffs recently ruled illegal by the U.S. Supreme Court. 6. IEA member countries will release 400 million barrels of emergency oil reserves, the largest scale in history. Germany will release nearly 20 million barrels of oil reserves; the UK will contribute 13.5 million barrels of oil; South Korea will release 22.46 million barrels of strategic oil reserves. 7. The U.S. Central Command stated on March 11 that Iran is using civilian ports along the Strait of Hormuz for military purposes, threatening military action against these ports. The Iranian military responded that, if so, all ports in the region would become "legitimate targets" for Iran. 8. The Iranian president proposed three necessary conditions to end the war, demanding the U.S. to recognize Iran's legitimate rights, pay war reparations, and provide strong guarantees from the international community to prevent future aggression. 9. An initial internal U.S. military investigation determined a "misfire" on an Iranian school, with reports claiming the military used "outdated data" from the U.S. Defense Intelligence Agency when selecting target coordinates, leading to the school being mistakenly targeted as a military target.