Dow jumps 200 points, Brent crude oil sees wild swings as it heads for record monthly surge

• Brent crude is up more than 55% in March, on track for its steepest monthly gain on record, trading around $112 per barrel with earlier session highs of $115
• Trump threatened to obliterate Iran's power plants and oil wells if the Strait of Hormuz—which handles 20% of global oil—is not reopened within a week
• Iran struck Israel's largest refinery and Houthi allies attacked Kuwait infrastructure, raising concerns about prolonged supply disruptions even after the five-week conflict ends

Market Summary: Stocks Rally on Iran Peace Signals Amid Oil Volatility

Market Performance:

US equities rose Monday afternoon, with the Dow Jones Industrial Average gaining 228 points (+0.5%) by 1 PM ET. The S&P 500 advanced 0.1%, while the Nasdaq slipped 0.1%.

Oil Market Volatility:

Crude prices experienced wild swings amid conflicting signals on the Iran conflict. Brent crude fell 0.4% to $112.10 after touching $115 earlier in the session, while West Texas Intermediate surged 3.3% to $102.97. Brent crude is tracking a record monthly surge of over 55% in March. National average gasoline prices reached $3.99—the highest since 2022.

Geopolitical Developments:

President Trump indicated a peace deal to end the five-week US-Israel war with Iran could be imminent, boosting stocks. However, he simultaneously threatened to destroy Iran's power plants, oil wells, and Kharg Island if the Strait of Hormuz—critical for 20% of global oil flows—isn't reopened within a week.

Iran attacked Israel's largest oil refinery, while Houthi allies struck infrastructure in Kuwait, raising concerns about prolonged energy supply disruptions even after hostilities end. The Strait of Hormuz remains closed, and analysts warn the Bab el-Mandeb Strait could face similar blockades.

Market Implications:

Analysts note stocks are responding to peace deal prospects, while oil prices reflect the Strait of Hormuz closure and infrastructure damage. Energy experts caution that complex repairs will take time, keeping prices elevated. Meaningful traffic resumption through the Strait and confirmed diplomatic progress are needed before oil prices retreat from current levels.

Trump also expressed interest in controlling Iranian oil assets, similar to the Venezuela approach.