U.S. Stocks Decline Amid Oil Price Surge

U.S. stock markets opened lower on Thursday, March 12, 2026, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all experiencing declines, driven by a significant surge in oil prices following escalated shipping attacks in the Middle East. The Dow Jones Industrial Average fell 1.11% to 46892.39, the S&P 500 dropped 0.97% to 6710.31, and the Nasdaq Composite decreased by 1.22% to 22439.29.

This market downturn coincided with West Texas Intermediate crude oil futures spiking 8.55% to $94.71 per barrel, and Brent crude rising 8.4% to $99.74. The increase in oil prices is attributed to ongoing geopolitical tensions and attacks on shipping in the Strait of Hormuz, leading the International Energy Agency (IEA) to slash its crude forecast. Concerns about the conflict's impact on the global economy are contributing to market volatility.

Additionally, the Cboe Volatility Index (VIX) increased by 8.25% to 26.23, reflecting heightened market uncertainty. U.S. Treasury yields also rose, with the 10-year yield hitting a five-week high at 4.230%. Gold prices were pressured by a firmer dollar, which saw a 0.35% increase in the Dollar Index to 99.58, while Bitcoin experienced a slight decline of 0.57% to $70265.69.