Wall Street's rebound was short-lived, as conflict with Iran intensified across the Middle East, triggering another surge in crude prices. April-dated oil roared back above the round $80 mark, after Iranian Foreign Minister Abbas Araghchi said the country doesn't "see any reason why we should negotiate."
A dent in small caps could be felt as well, with the Russell 2000 Index (RUT) sliding nearly 2% and now also headed for a weekly loss. Meanwhile, the Cboe Volatility Index (VIX) logged its highest close since Nov. 20. The Dow was dragged more than 1,000 points at its worst mark this afternoon, settling with its lowest close of 2026.
Oil Prices Resume Rally Above $80
Crude resumed its breakout, as conflict with Iran escalated and fuel supply fears took hold. April-dated West Texas Intermediate (WTI) crude surged 8.5% or $6.35, to settle at $81.01 per barrel, breaking back above $80 and near their highest levels since June 2025.
Gold continued its climb higher as geopolitical uncertainty ushered investors toward safe havens. A cooling U.S. dollar also encouraged sentiment. April-dated gold futures added 1.1% to settle at $5,177.60 an ounce.
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