Markets News, March 12, 2026: Major Stocks Indexes End Sharply Lower as Oil Prices Extend Surge; Dow Sheds Nearly 750 Points

Major stock indexes closed sharply lower Thursday as oil prices surged amid deepening concerns about supply disruptions.

The tech-heavy Nasdaq, blue-chip Dow Jones Industrial Average, and benchmark S&P 500 finished down a respective 1.8%, 1.6%, and 1.5%, with the Dow shedding 739 points.

One day after releasing a record 400 million barrels of strategic reserves to stabilize oil prices, the International Energy Agency said the Iran war was “creating the largest supply disruption in the history of the global oil market.” The IEA said it now sees global supplies growing by 1.1 million barrels a day in 2026, down sharply from its prior forecast of 2.4 million barrels a day.

Meanwhile, Iran’s new Supreme Leader said the Strait of Hormuz, a major channel for oil shipments, should remain closed “to pressure the enemy.”

West Texas Intermediate crude futures, the U.S. oil-price benchmark, were up more than 10% to $96.50 a barrel at 4 p.m. ET. Brent crude, the global benchmark, closed above $100 a barrel for the first time since August 2022.

The yield on the 10-year Treasury note, which affects interest rates on all sorts of consumer loans, ticked higher to 4.26%—its highest level since early February—from Wednesday’s close at 4.23%.

Gold futures slipped 1.5% to $5,100 an ounce, while silver futures were nearly 1% lower at $84.70 an ounce. The U.S. Dollar Index, which tracks the value of the greenback against a basket of currencies, was up 0.5% to 99.71. Bitcoin was trading around $70,400, down slightly on the day.

“Uncertainty surrounding both energy supply and potential military escalation has left macro markets in a wait-and-see phase where policy and geopolitical risks intersect,” Bitunix analyst Dean Chen wrote.

In corporate news, shares of all the Magnificent Seven tech giants finished lower, with Tesla (TSLA) leading declines at more than 3%.

U.S.-listed shares of Honda Motor (HMC) dropped more than 5% after it said it expects expenses and losses related to the reassessment of its EV strategy will be up to 2.500 trillion yen ($15.75 billion), and now sees a net loss for this fiscal year instead of a profit.

In post-earnings moves, shares of Petco Health & Wellness (WOOF) surged 35%, Dick’s Sporting Goods (DKS) rose less than 1%, UiPath (PATH) fell 8%, and Dollar General (DG) pulled back 6%. Shares of Adobe (ADBE), which was slated to report after markets close, were down almost 1.5%.