Gate News reports that on March 13, U.S. Bank strategist Michael Hartnett stated that soaring oil prices and growing concerns over private credit are increasingly making the market resemble the period leading up to the global financial crisis. He pointed out that between July and August 2007, oil prices rose from $70 to $140 per barrel, coinciding with the emergence of subprime mortgage turmoil that affected institutions like Northern Rock (UK bank) and Bear Stearns (US investment bank). The Iran war that broke out on February 28 has driven oil prices up more than 60% this year. Hartnett said in the report, “Asset performance in 2026 is increasingly resembling the price trends of mid-2007 to 2008.” He added that Wall Street is “disturbingly trading similar patterns to 2007-2008.” Hartnett believes that the current market consensus still considers the Iran conflict unlikely to last long, and that private credit issues do not pose systemic risks. This outlook continues to encourage investors to maintain bullish positions, as they believe “policymakers will always step in to save Wall Street.” Hartnett sees that the bigger risk to the stock market from rising oil prices and tightening financial conditions lies in corporate earnings rather than inflation.
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