The S&P 500 fell 1.52% to a YTD low of 6,672 as the Iran oil shock delivered the steepest global equity drawdown since COVID. Asia's oil importers led losses while a mid-week ceasefire bounce evaporated by Friday.
S&P 500 fell to a YTD low of 6,672 as the Iran oil shock delivered the steepest global equity drawdown since COVID — Nifty –1.3%, Nikkei –1.2%, KOSPI –11% at trough.
Brent settled at $100.46/bbl — highest since August 2022 — as Iran's new leader vowed to keep the Strait of Hormuz shut, sending global equities down 1.5% and yields climbing.
Brent holds above $92 as Hormuz stays disrupted. KOSPI -12.2%, Germany -8%, Thailand -10.7% — while Saudi Arabia gains 2.5% and Norway 1.1% on windfall energy revenues.
EUR/USD slips to 1.1567 as Brent retakes $91.94 and Iran's Hormuz threat keeps energy import pressure on Europe, while the yen adds 0.50% on safe-haven demand.
Brent hit $115.20/barrel Monday before retreating to $99 on ceasefire signals. Stagflation fears deepen as US fuel prices average $3.44/gal and Nikkei falls 6%.
The Federal Reserve holds at 3.50–3.75% as Brent tops $91. ECB projections due March 19 must navigate a 0.4–0.5pp inflation impact; BOJ weighs pausing its rate-hike cycle.
Gold hit a record $5,400 intraday before settling the week at $5,145—an 8.4% gain, its best weekly performance since March 2020. Silver peaked at $96 as safe-haven demand surged.
Dow falls 785 points and S&P 500 turns negative for 2026 as the Iran war triggers a cross-regional equity rout, dollar surge, and rotation into defense names.
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