Oil shock rattles markets
Global markets closed the week on edge as surging oil prices tied to the US–Israel–Iran conflict sent major indices lower — investors worry higher fuel costs will stoke inflation and prolong tight central-bank policy reported. Oil remains elevated and is already feeding through to higher energy and transport costs, adding to recession risks as traders reprice growth and inflation expectations reported.
Brent crude rose to $103.79 a barrel on March 13, 2026 — a jump of roughly 51% over the past month, according to market data tracking the benchmark. tradingeconomics.com The S&P 500 slid 1.5% (103.18 points) to 6,672.62 and the Nasdaq fell 1.8% to 22,311.98 on March 13, marking the indexes’ weakest closes so far this year. zacks.com The International Energy Agency said flows through the Strait of Hormuz plunged from about 20 million barrels per day to a trickle and that Gulf producers have cut output by at least 10 million barrels per day, calling the situation the largest supply disruption in history. iea.org In response, IEA members agreed on March 11 to release a record 400 million barrels from strategic reserves, even as traders pushed out expectations for the Fed’s next rate cut toward mid‑2027 and two‑year U.S. yields spiked. iea.org
