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The U.S. stock market careened through a manic March 9, going from a steep early loss to a solid gain as worries turned into hope that the war with Iran may not last that long.

President Donald Trump is mulling a menu of possible options to combat surging oil and gasoline prices in the wake of the Iran war, according to people familiar with the matter.

G-7 finance ministers held a virtual meeting to discuss the Iran war, its impact for regional stability, global economic conditions and financial markets, and the importance of secure trading routes.

Disruptions to crude oil supplies wrought by the Middle East conflict are boosting the appeal of crop-based biofuels, lifting demand for vegetable oils and corn.

Plug Power is planning to offer hydrogen electricity in a potential special auction by the biggest U.S. power grid in the scramble to feed the artificial intelligence boom. 

The war is showing no signs of abating after U.S. and Israeli strikes on Iran more than a week ago, and the fallout is stoking fears of an inflation crisis. The halt to shipping through Hormuz has driven up fuel prices.

The Trump administration announced a $20 billion reinsurance program aimed at reviving shipping in the Strait of Hormuz, where traffic has all but stopped amid the U.S. and Israeli attacks on Iran. 

U.S. oil posted the biggest weekly gain on record as the war in Iran upends critical energy market flows, with shipping through the Strait of Hormuz at a near-total halt.

The news comes as the EV market is at a standstill amid the Trump administration steering federal support away from electrification in favor of a broader agenda supporting the oil and gas industries.

The escalating war has choked off oil and gas supplies to key customers in Asia and Europe and sent energy prices soaring.