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Good morning. Oil falls and stock futures rally on fresh US-Iran peace hopes. Samsung joins the $1 trillion club. And it may be time to check your travel insurance. Listen to the day’s top stories. — Hellmuth Tromm
Oil slumped after Axios reported that the US believes it’s nearing a deal with Iran to end the war. Donald Trump earlier said he would pause US efforts to guide ships through the Strait of Hormuz to allow for talks, just hours after unveiling the plan. China urged Tehran to keep negotiating. Futures jumped, extending a rally led by tech stocks that was boosted by chipmaker Advanced Micro Devices’ AI-driven blockbuster sales forecast. Gold climbed on Iran developments, while the yen surged to a two-month high, prompting renewed speculation that Japanese authorities may have intervened. US gasoline prices topped $4.50 a gallon for the first time since July 2022 as shipowners scramble for workarounds with the Hormuz chokepoint still shut. Trump has promised pump prices will fall, but the longer they stay elevated, the greater the political risk for the Republicans as energy costs ripple through the economy. In Ohio, a key midterm battleground, voters backed Vivek Ramaswamy for the Republican gubernatorial nomination, while Democrat Sherrod Brown secured another Senate run as his party eyes control through states Trump won. In Indiana, Trump-backed challengers ousted most GOP state senators who opposed his redistricting push. Spring Sale: Save 60% on your first year Get the numbers behind the narratives. Enjoy unlimited access to Bloomberg.com and the Bloomberg app, plus market tools, expert analysis, live updates and more. Offer ends soon. Unlock 60% offDeep Dive
The Semiconductor Exhibition (SEDEX) in Seoul, South Korea, on Oct. 23, 2024.
Photographer: SeongJoon Cho/Bloomberg
Samsung reached a $1 trillion market valuation after its shares surged as much as 13%—and more than quadrupled over the past year—on booming AI chip demand. It joins TSMC in an elite club as only the second Asian firm to hit the mark.
Coming soon: Get the AI Today newsletter—chronicling the disruptions and threats of AI on businesses, workers, governments and economies with analysis from Bloomberg’s global newsroom. The Big Take
US military learn forest survival skills near Colón, in February.
Photographer: Luis Antonio Rojas/Bloomberg
The US has reopened its jungle training school in Panama, drilling troops in rainforest survival and combat in a joint exercise with local forces. It’s part of a wider strategy to project power in Latin America and push back against China. Big Take Podcast Opinion
The New York Stock Exchange.
Photographer: Michael Nagle/Bloomberg
US stocks are at yet another record, driven mainly by momentum and liquidity. But with investors largely indifferent to quality, the rally looks fragile if the news worsens, John Authers writes. More Opinions Play Alphadots!Our daily word puzzle with a plot twist. 
Before You Go
Stranded passengers wait at the Velana International Airport in Male on March 1.
Photographer: Mohamed Afrah/AFP
How good is your travel insurance? Sales are booming as disruptions mount, but many travelers are finding their policies actually exclude current risks like war and fuel shortages. Here’s your guide to navigating the gaps. A Couple More More From BloombergEnjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:
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Strait stalemate heats up
The Iran war may be reigniting. ...