Mark Filipino hosts the Financial Times News briefing featuring George Steer (U.S. markets correspondent) and Brooke Masters (U.S. Managing Editor) discussing major market disruptions and regulatory developments.

The episode covers Trump's volatile Iran war communications creating oil market chaos, a landmark social media liability verdict against Meta and Google, and growing concerns about private credit fund stability as wealthy investors seek exits amid AI-driven software sector uncertainty.

Trump's Iran War Rhetoric Drives Oil Market Volatility

Oil prices experienced extreme volatility since the February 28th war start, ranging from $70 to $119 per barrel for Brent crude, with sharp daily swings of $35.

"Trump tends to intensify his threats against the Iranian regime over weekends when oil markets are closed, and then hint at impending peace" when prices surge - George

Suspicious trading activity occurred 15 minutes before Trump's Monday peace announcement, with $600 million in oil derivatives bets placed at 6:49 AM during typically quiet market hours.

"The market and investors generally believe the Iranians more than the Americans right now, which is an unusual state of affairs" - George

Quantitative hedge funds struggle with Trump's unpredictability, with one investor choosing to "sit out the chaos" and avoid oil trading entirely.

Meta and Google Liable for Addictive Social Media Design

Los Angeles jury ruled Meta's Instagram and Google's YouTube are designed to be addictive to children, awarding $3 million to a 20-year-old plaintiff.

The landmark case sets precedent for similar lawsuits and has been compared to the 1990s tobacco industry crackdown.

Snap and TikTok settled for undisclosed amounts before trial, while Meta and Google both disagree with the verdict.

Private Credit Funds Face $13 Billion Redemption Crisis

Five or six major private credit funds targeting wealthy individuals have received $13 billion in withdrawal requests from funds totaling around $200 billion.

Aries and Apollo limited investor withdrawals from flagship funds, with most funds granting only half of requested redemptions.

Software company exposure drives investor fears as AI uncertainty affects the sector, which relies heavily on private credit due to lack of tangible assets for bank lending.

"The whole point of private is you give up liquidity. You can't as easily get your money back. And that's one of the reasons why the returns are higher" - Brooke

Systemic risk could emerge if Trump administration introduces these funds to the $9 trillion retirement market and 401k plans.

WTO Faces Irrelevance Without Consensus Reform

EU Trade Commissioner Mauro Sefkovich warned the World Trade Organization might become irrelevant without modernization efforts.

Global trade ministers meet in Cameroon to negotiate changes to consensus-based decision-making, which small countries routinely block.

EU and other nations propose allowing WTO member coalitions to agree on deals without requiring universal approval.