Market Overview - The S&P 500 fell 1.52% to 6,672.62, the Nasdaq Composite slid 1.78% to 22,311.98, and the Dow Jones Industrial Average dropped 1.56% to 46,677.86 due to surging oil prices and fears related to the Iran conflict [1] Sector Performance - Oil-linked names and defensive stocks outperformed, while sectors such as travel, technology, and consumer staples experienced declines. Airline stocks, including Delta Air Lines, faced significant drops due to concerns over rising fuel costs [2] - The cloud player Netskope tumbled following the expiration of its IPO lockup, and gold miner Harmony Gold saw a decline despite increasing its dividend [2] Oil Market Dynamics - WTI crude oil futures rose by 10% to approximately $96 per barrel, driven by geopolitical tensions after Iran attacked ships in the Persian Gulf. The International Energy Agency (IEA) labeled this as the "largest supply disruption" ever [3] - Despite the IEA's decision to release 400 million barrels of oil from emergency reserves, the largest action of its kind in history, oil prices continued to surge [3] Geopolitical Tensions - Newly appointed Iranian leader Mojtaba Khamenei stated that the closure of the Strait of Hormuz should be used as a "tool to pressure the enemy," marking a significant escalation in rhetoric [4] - These developments have led to a shift in investor focus from travel, transportation, technology, and consumer sectors to energy-focused investments, with expectations of continued volatility until the Middle East conflict is resolved [4]