By Sean Conlon
Publication Date: 2026-03-13 19:56:00
Following yet another week spoiled by surging oil prices, investors will be anxiously awaiting relief as the war against Iran by the U.S. and Israel faces a third week. The three major averages suffered a losing week, dropping at least 1% in the period as oil saw even more gains on Friday. Brent crude and U.S. West Texas Intermediate were another roughly 3% higher on the day, pushing their week-to-date advances to more than 11% and more than 8%, respectively. Stocks, meanwhile, set new 2026 lows this week . “The conflict in the Middle East and related headlines are still the major source of fluctuations in markets,” said Sameer Samana, head of global equities and real assets at Wells Fargo Investment Institute. “The duration of the closure in the Strait of Hormuz is the key factor and markets will be watching for progress.” Traffic in the key Strait of Hormuz passageway – through which about 20% of the world’s petroleum consumption passed before the war – has effectively come to a halt in the wake of the war breaking out. This might only continue, as Iran’s new Supreme Leader, Mojtaba Khamenei, has said that it should remain closed as a ” tool to pressure the enemy .” Complicating matters further, Energy Secretary Chris Wright told CNBC on Thursday that the U.S. Navy is ” not ready ” to escort tankers through the Strait. Wright did say, however, that the Navy will likely be able to escort them by the end of the month. Brent futures this week settled above $100 per…
