Stock Market Today, March 12: Oil Prices Surge After Iran War Fears Spark Broad Market Selloff
The S&P 500 (SNPINDEX:^GSPC) fell 1.52% to 6,672.62, the Nasdaq Composite (NASDAQINDEX:^IXIC) slid 1.78% to 22,311.98, and the Dow Jones Industrial Average (DJINDICES:^DJI) dropped 1.56% to 46,677.86 as surging oil and Iran war fears fueled broad risk-off selling.
Market movers
Oil-linked names and defensives outperformed while travel, tech, and staples sank. Airline stocks such as Delta Air Lines (NYSE:DAL) slumped on fuel cost worries, cloud player Netskope (NASDAQ:NTSK) tumbled after its IPO lockup expiry, and gold miner Harmony Gold (NYSE:HMY) slid despite hiking its dividend.
What this means for investors
As of this writing, WTI crude oil futures were up 10% to about $96 per barrel. The latest spike came after Iran attacked several ships in the Persian Gulf and the International Energy Agency (IEA) called it the “largest supply disruption” ever. The move in oil came despite the 32-member countries of the IEA deciding to release 400 million barrels of oil from emergency reserves, the largest such action in history.
Tensions rose after newly appointed Iranian leader, Mojtaba Khamenei, declared on Thursday that maintaining the closure of the Strait of Hormuz maritime passage should serve as a "tool to pressure the enemy." This marks his first public statement since assuming the position.
These events led to a rotation away from sectors including travel, transportation, tech and consumer names, and into energy-focused names. Investors should expect volatility to continue until the Middle East conflict is resolved.
Should you buy stock in S&P 500 Index right now?
Before you buy stock in S&P 500 Index, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and S&P 500 Index wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $511,735!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,140,464!*
Now, it’s worth noting Stock Advisor’s total average return is 946% — a market-crushing outperformance compared to 191% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of March 12, 2026.
Howard Smith has no position in any of the stocks mentioned. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.
Recommended Articles
