Weekly Market Recap – March 16, 2026

Global markets have been volatile in 2026, but few assets have been on as wild a ride as oil. Just last week, WTI crude oil traded in a $43 dollar range, reaching as high as ~$119 per barrel in intra-day trading and as low as ~$76 as the conflict in the Middle East continued to develop. Prices steadily climbed late in the week after an IEA decision to release 400mn barrels of oil failed to temper supply concerns, ultimately closing just below $99. On average in March, oil prices are up over 30% m/m and 25% from their average in March 2025. If higher prices are sustained, there could be meaningful implications for inflation.