Markets wobble as oil spikes
Wall Street slipped as the Iran war sent oil prices higher, injecting fresh inflation and growth worries into markets and producing choppy trading yesterday — a volatility hit that traders cited as the immediate cause of the pullback reported. New analysis shows the US economy was weaker than initially estimated in early 2026, and prediction markets now put the odds of a US recession this year at about 29% — magnifying downside risk if energy prices stay elevated reported reported.
The International Energy Agency reported) that the Iran war has cut global oil supply by roughly 8 million barrels per day in March, calling it the largest disruption in the history of the oil market. Brent crude settled) above $100 a barrel for a second straight session, and trading platforms showed) Brent around $103.86 on March 13 while WTI prints were trading near the mid-$90s. The Nasdaq slid) about 1.8%, shedding more than 400 points to close near 22,311 on March 13, as tech names led sector weakness, and the S&P 500 recorded) its third straight weekly loss. Volatility measures spiked) with VIX futures trading in the mid-20s, Treasury yields finished) the day with the 10-year near 4.28%, and Bloomberg flagged) mounting market stress tied to both energy shocks and strains in private-credit markets. The White House announced) a roughly $20 billion maritime reinsurance program to backstop war-risk coverage for tankers, and Chubb was named) as a lead private partner as Washington moves to restart Persian Gulf shipments.
