Prysmian gains on analyst upgrade as oil tops $119 - Mar 9, 2026

As of March 9, today’s news features developments in energy markets, international relations, and significant financial movements. Prysmian has garnered attention today with analysts at Intesa Sanpaolo raising the target price for its shares to 115.5 euros from a previous 99.5 euros, while maintaining their “Buy” recommendation. Meanwhile, a summit between U.S. President Donald Trump and China's Xi Jinping this month is unlikely to create room for even a limited reset of business and investment ties, five people briefed on preparations said. In the energy sector, aluminium prices surged to a four-year high driven by conflicts in the Middle East, particularly the U.S.-Israeli war with Iran, which has caused significant supply chain disruptions. Benchmark aluminium prices fluctuated, reaching as high as 3,544 dollars a ton before settling down to 3,386 dollars shortly before noon GMT. The disruption in the Strait of Hormuz, through which a significant portion of the world's aluminium is shipped, has raised serious concerns among European companies about their supply lines, especially with Mozal's impending offline schedule, as noted by analysts. Meanwhile, Saudi Aramco has responded to these tensions by issuing tenders for over 4 million barrels of crude, attempting to reroute exports to mitigate risks associated with the Strait of Hormuz's closure. Concerns over the conflict have led to a tightening of oil supplies, prompting a surge in global oil prices, which rose to over 119 dollars a barrel. On the market front, Wall Street experienced a decline due to the soaring crude prices which stoked inflation fears; however, there was a slight rebound in technology stocks. The turbulence in energy prices is complicating the Federal Reserve's approach to inflation, with expectations of rate hikes re-emerging as central banks, particularly in Europe, face pressure to respond to rising energy costs. European Central Bank officials are now bracing for potential rate increases, a stark contrast from previous stances aimed at supporting economic recovery. In Japan, wind turbine manufacturer Vestas has announced plans to collaborate with the country’s industry ministry to establish a nacelle assembly facility by 2029. This initiative aligns with Japan's ambitious goals for expanding offshore wind energy capacity, marking a significant step towards reducing dependence on imported fossil fuels. As tensions in the Middle East continue to impact global markets, the situation remains fluid, with various stakeholders closely monitoring developments related to energy supply and international diplomacy. Additionally, the ongoing impacts of rising commodity prices will likely reverberate through various sectors, challenging economic forecasts and strategies.