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Wall Street Sees Worst Day Since Iran War Began, Oil Tops $100 | Closing Bell
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March 12, 2026
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9:54Now PlayingWatch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.
A renewed oil spike stoked fears the war in Iran will further crimp energy supplies and fuel inflation, spurring a slide in stocks, which were also hit by signs of distress in the $1.8 trillion private-credit market.
Brent closed above $100 for the first time since 2022, with the Strait of Hormuz blockage choking off flows through the trade artery. The S&P 500 fell 1.5% to the lowest since November. Banks sank as redemption requests from private-credit funds forced Morgan Stanley and Cliffwater LLC to cap withdrawals. Deutsche Bank AG flagged a $30 billion exposure to the sector. A gauge of megacaps approached the threshold of a correction. In late hours, Adobe Inc. gave a tepid outlook and said its chief will resign.
Short-dated Treasuries slid as traders ceased to fully price in a Federal Reserve rate cut in 2026. More broadly, global bonds erased this year’s gains. The dollar hit an almost two-month high. Gold fell.
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