International oil prices have surged again, and the Dow Jones has fallen more than 10% from its all-time high.

Source: CCTV Finance

Local time on March 27, intensifying tensions in the Middle East continued to push up international oil prices. That day, the United States and Israel carried out attacks on multiple locations in Iran, including facilities such as steel plants. On the same day, Iran’s Islamic Revolutionary Guard Corps said that the Strait of Hormuz is currently closed, and any attempt to pass through this strait will be met with a severe response.

During the day’s trading, U.S. oil futures prices once broke through the $100 per barrel mark. By the close, the NYMEX light sweet crude oil futures for May delivery settled at $99.64 per barrel, up 5.46%; the ICE Brent crude oil futures for May delivery settled at $112.57 per barrel, up 4.22%. Looking at the entire week, the front-month contract price of U.S. oil futures rose by 1.34%, while the front-month contract price of Brent oil futures rose by 0.34%.

_ U.S. three major stock indexes all closed lower on the 27th; cumulative decline for the week _

The worsening Middle East situation intensified market concerns that higher oil prices will weigh on the global economy. On the 27th, the U.S. three major stock indexes fell significantly; the Dow Jones fell 1.73%, down more than 10% from its prior all-time high, and has officially entered a pullback period.

The S&P 500 fell 1.67% on the day, while the Nasdaq fell 2.15%. By sector, eight of the eleven S&P 500 sectors declined and three advanced. The consumer discretionary sector and the financial sector led the declines. Large technology stocks generally fell that day: Meta and Amazon fell nearly 4%, while Tesla and Microsoft fell more than 2%. Stocks in oil and gas and gold categories generally rose; U.S. Energy rose nearly 2%, and Harmony Gold rose nearly 3%.

Over the full week, the Dow Jones fell 0.90%, the S&P 500 fell 2.12%, and the Nasdaq fell 3.23%.

_ U.S. consumer confidence index plunges; inflation expectations rise _

On the data front, a survey released by the University of Michigan on Friday showed that, influenced by rising gasoline prices and volatility in financial markets, the U.S. consumer confidence index in March fell sharply month over month by about 5.8%, the lowest level since December 2025.

Ongoing Middle East conflicts are still making the situation deteriorate further. The data show that the final value of the U.S. consumer confidence index for March was 53.3, which was below February’s final value of 56.6 on a month-over-month basis, and also below last March’s final value of 57.0 on a year-over-year basis. Forty-seven percent of respondents said that rising prices have imposed a heavy burden on their personal finances. The University of Michigan specifically noted that in the period when this survey was conducted, about two-thirds of the interviews were completed after February 28, when the two countries, the U.S. and Israel, launched a large-scale military operation against Iran.

_ All three major European stock indexes closed lower on the 27th _

In the European market, investors worried that rising oil prices could push up energy costs, thereby weighing on Europe’s economic growth, and the three major European stock indexes all fell across the board on the 27th.

At the close, the UK FT100 index fell 0.05%; France’s CAC40 index fell 0.87%; and Germany’s DAX index fell 1.38%.

_ International gold and silver prices rise together on the 27th _

In precious metals, on the 27th, international gold and silver prices rebounded somewhat after the sharp drop on the previous trading day. By the close, the gold futures price for April delivery on the COMEX settled at $4,492.50 per ounce, up 2.66% from the previous trading day; the silver futures price for May delivery on the COMEX settled at $69.796 per ounce, up 2.74% from the previous trading day. Looking at the entire week, international gold prices fell 1.80%, while international silver prices rose 0.19%.

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