Market Brief — Thursday, March 12, 2026
Stocks dropped again as oil prices flirted with $100 a barrel. Iran's new Supreme Leader is keeping the Strait of Hormuz — where a fifth of the world's oil passes through — effectively shut down. That's pushing gas prices up fast (national average just hit $3.48), and Wall Street is worried this drags inflation back up right when the Fed thought it was winning. On top of that, some big private credit funds started blocking investors from pulling their money out. Not a great day.
Oil is the story right now, and it's hitting your wallet directly. Gas prices are up almost 60 cents in a month and climbing. The Fed can't cut rates if inflation comes roaring back from energy costs, which means your mortgage rate stays high and your savings account rate stays put. The market is nervous but not panicking — the S&P is down about 1% today, not 5%. If you're in index funds, this is a hold-tight moment, not a sell-everything moment. The biggest risk isn't the oil spike itself — it's if it lasts long enough to change how companies set prices for everything else.