5 big moves that dominated the wildest month for markets in recent memory

• March has been a wild month for investors, defined by five big swings in markets.
• The headline move was a surge in oil prices as investors weighed Middle East supply disruptions.
• But volatility extended to stocks, bonds, gold, and other assets.

The Iran war has dragged investors through one of the wildest months the market has seen in a while.

It all started with a surge in oil prices — a move that set off a domino chain in markets as traders panicked over the prospect of hotter inflation and a recession hitting the global economy.

Stocks plunged, with the Dow Jones Industrial Average and the Nasdaq 100 entering correction territory this week. Safe havens like gold also cratered, while interest rate expectations plummeted. Easily, it made up the most chaotic month investors had seen in at least a year, when President Donald Trump's tariffs sparked a historic market crash.

Here were the five moves that defined the market's rollercoaster ride in March:

1. Oil prices skyrocketed

Oil prices soared to levels investors hadn't seen in years due to supply disruptions in the Middle East. Flows through the Strait of Hormuz, a critical passage for oil traders, remain choked off amid the conflict.

Brent crude, the international benchmark, rose as high as $117 a barrel on Monday after Trump threatened to attack several of Iran's energy assets, sparking fear that supply disruptions could grow worse over time. It's now on pace for a more-than-60% increase in March, its biggest monthly rise on record.

May contracts for West Texas Intermediate crude, meanwhile, rose as high as $103 a barrel on Monday. The oil benchmarks are both up more than 50% from their levels before the start of the Iran war.

2. Stocks plunged into a correction

The three benchmark indexes were hit heavily as traders fretted over hotter inflation and a weaker economic backdrop. The economic concerns were adding to a general risk-off move that took hold at the start of the year, when existential concerns around AI shook the software sector.

The Dow Jones Industrial Average and Nasdaq 100 dropped as much as 10%, meeting the official criteria for a stock correction.

The S&P 500 nearly fell into a correction itself, dropping as much as 9% from its recent highs. The index is on pace for its worst quarter since the first half of 2022.

3. The 10-year yield surged to an 8-month high

Bond yields climbed as investors repriced their expectations for Fed rate cuts.

With high oil prices threatening to stoke inflation, investors are betting that the Fed has less room to cut rates. They're also betting that, if inflation remains a problem, the Fed will have to keep interest rates higher for the long-run.

The 10-year yield cooled to 4.3% on Tuesday, but rose as high as 4.4% in the last week, its highest level since July. It was up was much as 48 basis points from its level prior to the start of the Iran war.

4. The US dollar surged to a 2026 peak

The US dollar appreciated alongside the increase in rate expectations. Higher interest rates attract investors to the dollar, as they can earn a higher return by keeping their wealth in cash or dollar-denominated assets.

The US Dollar Index, which measures the greenback against a basket of foreign currencies, rose to around 100 on Tuesday, about 4% above its level before the start of the Iran war. It's the highest the dollar has traded since the start of the year.

5. Gold plummeted from its record

Gold was also affected as fears of hotter inflation swept rate cuts off the table in 2022. The metal traded around $4,603 an ounce on Tuesday, down 13% from its level prior to the start of the war.

Gold loses its appeal to investors when bond yields rise, as investors can nab a higher return by keeping money in interest-bearing assets like Treasury bonds.

Bullion was also overbought at the start of 2026, largely due to retail traders that drove a speculative rally in the metal.