The U.S. Treasury is planning to intervene directly in oil futures markets to curb speculation. This approach is unprecedented, as it targets the financial dimension of barrel prices rather than limiting itself to managing physical stocks (such as strategic reserves). Interior Secretary Doug Burgum confirmed yesterday that Washington is considering several levers to slow the surge in energy prices. According to Bloomberg, options range from releasing strategic reserves to a never-before-seen direct intervention in financial markets.

"The evolution of the situation in Iran and its inflationary impact via energy prices continue to dominate the markets. Uncertainty remains extremely high as bombardments continue on both sides, with the United States and Iran having made it clear they will not back down, and the Strait of Hormuz remains effectively almost closed, even as the Americans and some allies commit to restoring open energy flows as quickly as possible. As it stands, oil and liquefied gas prices are up by $15 per barrel (near 85) and by €15 per MWh (around 50), which is significant but relatively contained given the uncertainties," notes Xavier Chapard, strategist at LBP AM.

Around 10:30 a.m., Brent was up 1.70% at $85.34 and WTI 3.47 at $81.62.

In this context of high geopolitical tension, Donald Trump has clarified his diplomatic intentions by openly advocating for regime change in Tehran, stating he wants to influence the choice of Iran's next leader. The American president also told NBC News that ground troop deployment was a superfluous option. "It's a waste of time. [The Iranians] have lost everything. They lost their navy. They lost everything they could lose," he told the American network.

Meanwhile, regional tensions are escalating. The Israeli army claimed this morning to have carried out "26 waves of strikes in the southern suburbs of Beirut" overnight, targeting "Hezbollah command centers" as well as "buildings housing terrorist sites."

Atos and Spie in the Red, Lufthansa on the Rise

On the stock front, Atos (-0.61%) is retreating. The IT group reported annual revenue slightly above €8 billion, in line with its target for fiscal year 2025 but down 11%. Despite a net loss of €1.4 billion, it anticipates a year of stabilization in 2026, before growth accelerates between 2027 and 2028, with annual revenue rising by 5 to 7% and an operating margin of 10% by 2028.

Spie (-4.14%) is also falling. Yet, the multi-technical services group reported 2025 results marked by record profitability and strong cash generation. Supported by growth in Germany and an active acquisition policy, the group is raising its medium-term margin target. Furthermore, Markus Holzke will become CEO in April 2026, while Patrick Jeantet will take over as non-executive chairman after Gauthier Louette steps down due to the age limit. Markus Holzke is currently CEO of SPIE for Germany, Switzerland, and Austria.

Casino tumbles more than 13%. The retailer detailed new offers for its financial rescue. A document posted online shows that majority shareholder France Retail Holdings (FRH) has proposed a plan including a significant capital increase and partial debt-to-equity conversion. Creditors have made a counter-proposal that would also result in very high dilution, but would allow FRH to retain control.

Conversely, German airline group Lufthansa (+1.72%) is rising in Frankfurt thanks to its strong performance in 2025. It recorded the highest revenue in its history (€39.6 billion) and posted a marked improvement in operating profitability, driven in particular by the growth in passenger activity and solid cargo performance. Despite a slight decline in net profit, Lufthansa highlights the strength of its cash generation and the positive contribution of its various divisions. The group anticipates further improvement in its results in 2026, while remaining cautious in light of international geopolitical uncertainties.

This afternoon, investors' attention will turn to the United States with the release of American employment figures and retail sales data.