Oil tops $100, markets wobble
Oil surged above $100 a barrel and global equities slid as fears of a Horn of Hormuz disruption roiled markets, while the dollar rallied on safe‑haven demand amid the Middle East crisis. (euronews.com) (reuters.com)
Brent futures were trading around $113.17 a barrel on March 23, 2026, reflecting a roughly 60% month‑on‑month rise as traders priced in persistent Gulf supply constraints. (tradingeconomics.com) Goldman Sachs raised its near‑term outlook, saying Brent was expected to average above $100 in March and $85 in April after futures briefly spiked to about $119.50 on March 13, 2026. (money.usnews.com) The International Energy Agency described the current disruption as the largest supply shock in oil‑market history, estimating “millions of barrels” effectively trapped in the Persian Gulf after tanker traffic was curtailed. (iea.org) Commercial shipping through the Strait of Hormuz has been severely disrupted, with multiple vessels struck in recent weeks and insurers withdrawing war‑risk cover for some transits, forcing tankers to hold in the Gulf of Oman. (maritimenews.com) U.S. equity benchmarks reacted sharply: the S&P 500 fell about 1.5% and closed near 6,506.48 on March 19, 2026, while the Russell 2000 slipped into correction territory amid renewed stagflation and rate‑path worries. (cnbc.com) European equities also weakened, with the STOXX 600 posting its third consecutive weekly decline as energy and financials led losses on mounting inflation risk from higher oil. (moneybase.com) The U.S. dollar strengthened as investors sought safe havens, with the dollar index trading around 99.65 on March 23, 2026, after a week of swings driven by Middle East tensions and shifting Fed‑cut expectations. (tradingeconomics.com)
