Macro Pilgrims Ledger | April 5, 2026
Global markets plunge for sixth consecutive week as Iran conflict escalates and oil surges past $111 per barrel
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Global markets recorded a sixth consecutive week of losses as the Iran conflict entered its sixth week with no resolution in sight.
The week was defined by the now-familiar geopolitical whipsaw, with ceasefire optimism mid-week briefly lifting equities sharply before Trump’s national address reignited escalation fears and sent oil surging.
The S&P 500 closed the week at 6,582, the Dow at 46,504, and the Nasdaq at 21,879. Oil surged on the week, with WTI closing above $111 per barrel and Brent above $109, as markets absorbed Trump’s warning of further military action against Iran and the IEA’s assessment that April supply disruptions will be worse than March. Energy led sector performance.
The 10-year Treasury yield fell on the week as investors weighed the growth damage of sustained elevated energy prices against the inflation implications. The VIX remained elevated above 23. The U.S. market is closed Friday for Good Friday, with the March payrolls report releasing into a closed market and the first real reaction deferred to Monday.
Precious metals offered no shelter. Gold fell roughly 2% on the week to around $4,665 per ounce as dollar strength pressured the complex, a notable retreat given the unresolved geopolitical backdrop that had driven it to all-time highs earlier in the year. Silver closed near $71 per ounce, also lower on the week.
“Oil is the new gold, and whoever controls the oil controls the world.”...Henry Kissinger
