Oil climbs past $100 per barrel as U.S. markets and Bitcoin erase daily gains

U.S. markets pulled back on Monday, March 30, 2026 , after an early advance faded as West Texas Intermediate (WTI) crude oil jumped above $100 a barrel and finished at about $105. The close above $100 was described as the first such finish for WTI since 2002. The move in energy prices became the dominant driver of trading across risk assets, including equities and cryptocurrency.

In equities, the oil spike coincided with a late-session loss of momentum. The Nasdaq Composite ended down 0.75%, while the S&P 500 fell 0.4%. The session was characterized by a shift away from earlier optimism as higher energy costs weighed on sentiment and reinforced concerns about how geopolitical developments can quickly transmit into broader financial conditions.

Cryptocurrency prices also gave back gains. Bitcoin (BTC) retreated from earlier strength and was last near $66,500, effectively flat over the prior 24 hours. The price action mirrored the broader risk tone, with traders appearing to reassess exposure as oil’s rise signaled a renewed inflation-sensitive shock tied to geopolitics.

Bond markets moved in the opposite direction after comments from Federal Reserve Chairman Jerome Powell. Speaking at Harvard University, Powell said the central bank would likely avoid an immediate response to short-term oil price shocks linked to the Iran conflict. He added that policymakers would focus on whether inflation expectations remain stable, a framing that supported a rally in Treasuries.

Following those remarks, yields fell across the curve. The U.S. 10-year Treasury yield dropped nine basis points to 4.35%, and the 2-year yield declined eight basis points to 3.83%. Market pricing also shifted: the probability of one or more Fed rate hikes in 2026 fell from 25% to 5%.

Even with lower yields and a reduced perceived likelihood of near-term tightening, the continued climb in oil prices overshadowed the supportive bond signal. The day’s cross-asset pattern highlighted how energy shocks can pressure growth-sensitive and liquidity-sensitive assets at the same time, particularly when the catalyst is a geopolitical conflict that can affect commodity pricing.

Globally, the session underscored the international reach of U.S. crude benchmarks and U.S. monetary policy communication. The key uncertainty remains whether the oil move proves short-lived or persists, as markets weighed Powell’s emphasis on expectations against the immediate impact of higher energy costs on risk appetite.