Oil Prices Offer Up a Stunning Reversal

Plus, Anthropic sues the Trump administration over its security risk designation, and New York has a new power lunch spot

March 9, 2026 6:05 pm ET

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1. In a wild day in markets, oil fell back below $90 and the Dow swung higher after being down almost 900 points.

Stocks rallied and oil fell after CBS News reported that President Trump said the U.S.-Israeli war with Iran was “very far ahead of schedule” and “very complete, pretty much.” Brent crude, the global oil benchmark, had surged overnight, hitting its highest intraday level since mid-2022. The U.S. benchmark dropped to about $85 a barrel, after surging above $119 earlier. The Dow industrials rose 239 points after being down almost 900 points in early trading. Meanwhile, Iran’s new leader Mojtaba Khamenei is already a marked man. Follow all the news and analysis here.

2. Anthropic sued the Trump administration for designating it a security threat and trying to cancel its federal contracts.

The AI company said the moves were harsh retaliation because it didn’t agree on how the Defense Department should use AI. Anthropic asked the court to declare the actions unlawful and said the case is critical for other businesses that might disagree with the government. The DOD and Defense Secretary Pete Hegseth are among the defendants. “President Trump will never allow a radical-left, woke company to jeopardize our national security by dictating how the greatest and most powerful military in the world operates,” the White House said. The DOD declined to comment.

3. The Justice Department and Live Nation reached a settlement that resolves the federal government’s monopolization lawsuit against the company.

The agreement, which needs approval from a judge and came after a week of trial, would spare the concerts-and-ticketing company from the threat of its business being broken up. Instead, the deal would make it easier for other promoters to compete for business at amphitheaters and arenas that Live Nation controls and would restrict the company’s ability to use exclusive ticketing contracts at venues, according to the DOJ. A number of states objected to the settlement and vowed to press forward with the case.

4. Eric Trump and Donald Trump Jr. are backing a new drone company that’s vying to meet Pentagon demand and fill a hole left by the administration’s ban on new Chinese drones in the U.S.

Powerus is merging with a publicly traded golf-course holding company backed by the Trumps, drone-company executives said. The reverse merger will result in Powerus trading on the Nasdaq in the coming months. The company’s co-founder said it’s working on deals to acquire Ukrainian drone companies or license their technology and build and white-label it in the U.S. He declined to share details.

Spotlight

An ornate room with chandeliers, mirrored walls, and dark wood paneling, featuring a polished floor reflecting the light.

Brett Lloyd for WSJ. Magazine

Fashion designer Dries Van Noten’s retirement project was a 43,000-square-foot palazzo.

The Venetian palace he purchased in 2025 will open to the public this spring for his first curated show—a presentation that explores the theme of craftsmanship in art and other disciplines. For over 400 years, the building had remained in the private hands of a single family. The palazzo is filled with ornate wall coverings and moldings, rococo furniture and artworks, and marble floors with intricately detailed inlays.

Catch Up

National Bureau of Economic Research Cuts Ties With Larry Summers (Read)
TSA Security Lines Are Dragging On for Hours, and Airports Say to Brace for More (Read)
Five Takeaways From the WSJ Investigation of Government Assault Claims (Read)
Trump Is Obsessed With These $145 Shoes—and Won’t Let Anyone Leave Without a Pair (Read)
How Timothée Chalamet Made Enemies of Opera and Ballet Stars
(Read)

This Week in History

WSJ article from March 14, 1986, about Microsoft's IPO and stock performance.

March 13, 1986

Microsoft went public.

The company’s IPO price was $21 a share—$2 more than the offer prospectus had anticipated, and even that was notably higher than Microsoft’s public rivals. Excited investors drove it up $7. The company that Bill Gates and Paul Allen founded in 1975 made a splash with its Disk Operating System. It became one of the most used OSes of its time, bundled with IBM’s popular PCs. Microsoft grew its dominance through Windows and survived an antitrust trial in the early 2000s. In July, it became the world’s second $4 trillion company.

Take a Break

Dining room table set for two, with a view of a city skyline.

New York’s new power lunch spot is on the 37th floor of a Midtown Manhattan office building. Major players in finance, art and real estate are joining Coco’s at Colette. Membership costs $5,000 a year plus a $7,500 initiation fee, not including the price of food and drink.

Beyond the Newsroom

WSJ | Buy Side: Car insurance quotes are important for comparing rates and coverage.

MarketWatch: Join MarketWatch editors for a live talk and Q&A on Roth IRAs—get into the math and make smarter moves for your retirement. Register now.

Today’s newsletter was curated by Zlati Meyer in collaboration with Leigh Kamping-Carder in New York. Follow Zlati on X at @Zlatimeyer and Leigh at @Leigh_KC.

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