Oh, the markets. One really does try to maintain a semblance of composure, but frankly, the performance today was rather tiresome. The S&P 500 (^GSPC 1.52%) deigned to fall 1.52% to 6,672.62, the Nasdaq Composite (^IXIC 1.78%) followed suit with a 1.78% decline to 22,311.98, and the Dow Jones Industrial Average (^DJI 1.56%) dipped 1.56% to 46,677.86. All, naturally, fuelled by a rather predictable surge in oil prices and the ongoing melodrama in the Persian Gulf. One wonders if anyone actually reads geopolitical forecasts anymore.
A Spot of Market Movement
Predictably, the oil-linked contingent managed to outperform, while the travel sector – always so frightfully sensitive – took a rather nasty tumble. Delta Air Lines (DAL 2.15%) appeared particularly distressed, and one can’t say one felt terribly sorry for them. Netskope (NTSK 21.27%), fresh from its IPO, rather lost its lustre upon the expiry of its lockup period – a cautionary tale, don’t you think? Even Harmony Gold (HMY 5.30%), despite a rather vulgar display of generosity with its dividend, couldn’t escape the general malaise.
What It All Means, Darling
As of this moment, WTI crude oil futures are up a rather shocking 10% to around $96 a barrel. Apparently, Iran has been engaging in a spot of high seas bother, and the International Energy Agency (IEA) has declared it the “largest supply disruption” ever. A bit dramatic, wouldn’t you say? The IEA, in a gesture of almost comical futility, has decided to release 400 million barrels from emergency reserves – the largest such action in history. One can’t help but feel it’s rather like rearranging the deck chairs on the Titanic.
The new Iranian leader, Mojtaba Khamenei, has rather cheekily declared that maintaining the closure of the Strait of Hormuz should serve as a “tool to pressure the enemy.” One suspects he’s rather enjoying the attention. It’s his first public statement, you know. One can only imagine the briefing notes.
Consequently, investors are abandoning travel, transportation, tech, and consumer names in favour of anything remotely connected to energy. Frankly, it’s all rather predictable. One anticipates continued volatility until this Middle Eastern unpleasantness is resolved. One really does wish they’d make up their minds. It’s terribly inconvenient for the portfolio, you see.
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2026-03-13 00:06