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Wall Street Roiled by Iran War, Oil Surge
Stocks see volatility as investors grapple with uncertainty over conflict's duration
Mar. 31, 2026 at 1:34pm
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As the US-Iran conflict roils global markets, the heavy machinery of the financial system grinds on, reflecting the volatility and uncertainty gripping Wall Street.NYC TodayWall Street has experienced a turbulent March as the ongoing war between the US and Iran has rocked markets, sending the Dow and Nasdaq into correction territory and putting the S&P 500 on track for its worst quarter since 2022. Oil prices have surged, raising concerns about energy inflation and clouding the outlook for central banks, while the VIX volatility index has spiked to its highest level since April.
Why it matters
The war in Iran has had a significant impact on the US financial markets, with stocks experiencing high volatility and oil prices skyrocketing. This volatility and uncertainty around the duration of the conflict could pose challenges for the Federal Reserve's monetary policy decisions and the overall economic outlook.
The details
Stocks opened higher on Tuesday, with the Dow rising 548 points (1.2%), the S&P 500 gaining 1.1%, and the Nasdaq Composite rising 1.3%. This rally came on hopes for more guidance on when the conflict might come to a close after a Wall Street Journal report that President Trump discussed ending the war. However, some investors remain cautious, as oil prices traded above $100 per barrel and the Strait of Hormuz remains effectively shut, with Brent crude up almost 50% this month. The Dow and S&P 500 are set for their worst month since September 2022, while the Nasdaq is set for its worst month in a year.
- Wall Street entered March trading just below record highs.
- The VIX volatility index surpassed 30 points in March, its highest level since April.
- Stocks opened higher on Tuesday, March 31, 2026.
The players
Wall Street
The financial markets in New York City, including the New York Stock Exchange and Nasdaq.
Donald Trump
The President of the United States.
Matt Maley
Chief market strategist at Miller Tabak + Co.
Jay Woods
Chief market strategist at Freedom Capital Markets.
Federal Reserve
The central banking system of the United States.
What they’re saying
“If the Strait of Hormuz remains closed…and thus oil prices remain extremely elevated…it's going to be very tough for the stock market to form the bottom for this decline.”
— Matt Maley, Chief market strategist
“All eyes will remain on the price of oil and news out of the Middle East. As tensions ebb and flow from the region, so will the direction of the markets.”
— Jay Woods, Chief market strategist
What’s next
Investors will be closely watching for any developments in the US-Iran conflict, as well as the Federal Reserve's response to the surge in oil prices and its impact on inflation and economic growth.
The takeaway
The ongoing war between the US and Iran has created significant volatility and uncertainty in the US financial markets, with stocks experiencing sharp declines and oil prices soaring. This situation poses challenges for the Federal Reserve's monetary policy decisions and the overall economic outlook, underscoring the importance of geopolitical events in shaping market trends.
