"WTI crude has surged from $66 per barrel on February 20, 2026 to above $100 tonight as the conflict intensifies. The catalyst is the escalating Iran War and Tehran's attempt to disrupt the Strait of Hormuz, the chokepoint through which a significant portion of global oil supply flows."
"The VIX has spiked nearly 50% across the past week, now sitting at $29.49. Expect it to soar higher tomorrow if futures hold. United States Oil Fund is up 32.73% over the past week alone."
"The national average gas price is already $3.45 per gallon as of March 8, 2026 (AAA), up 16% in just one week. Prediction markets give 63% odds that gas hits $4.50 by the end of March."
Oil futures jumped 18% to $107.64 following escalating Iran conflict and threats to the Strait of Hormuz, a critical global oil supply chokepoint. This spike triggered significant equity market declines, with Dow Jones futures down 1.9% and S&P 500 futures down 1.5%. The VIX volatility index surged nearly 50% to $29.49, while the United States Oil Fund rose 32.73% in one week. National average gas prices reached $3.45 per gallon, up 16% weekly, with prediction markets indicating 63% odds of $4.50 prices by month-end. Consumer sentiment deteriorated amid stagflation concerns, as the Federal Reserve faces conflicting pressures from rising inflation and weakening economic growth.
Read at 24/7 Wall St.
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