Global markets turned more cautious as the Iran conflict began to hit core energy infrastructure across the Gulf, sending oil higher, pulling equities lower, and reinforcing a broader shift toward defensive positioning, as investors weighed the risk of elevated inflation due to the fresh energy shock.
Crypto
In crypto, the tone turned risk-off, with total market capitalization falling to $2.41 trillion, the Fear & Greed Index dropping to 31, the Altcoin Season Index sitting at 53/100, and the average crypto RSI at 41.28, all of which point to a market that is losing momentum without yet reaching full capitulation.
Bitcoin traded at $70,121, down 1.60%, while Ethereum traded at $2,165.80, lower by 1.71%, and the weakness extended across large-cap alts as BNB slipped to $645.07, down 1.10%, and Solana eased to $89.56, lower by 0.58%.
The ETF flow picture was more mixed than price action alone suggests, as spot Bitcoin products posted solid inflows earlier in the week before turning negative in the latest session.
Total net inflows reached $180.40 million on March 13, then $199.40 million on March 16 and again on March 17, with IBIT contributing $169.30 million on that day.
That support faded on March 18, when total flows turned negative at -$129.60 million, led by outflows from FBTC, GBTC, and BITB.
Commodities
Commodities were once again at the center of the scene, with oil serving as the clearest expression of worsening geopolitical risk as traders priced in a growing threat to regional supply, pushing U.S. crude to $96.18 and Brent to $115.751, up 5.42%, leaving the international benchmark well above its recent range.
Precious metals remained firm in the broader sense even after a daily pullback, because the underlying drivers behind the rally have not changed. Gold traded at $4,715.487, down 2.14%, while silver fell 5.39% to $71.3000, yet both metals are still being supported by safe-haven demand, rising geopolitical tensions, and the growing belief that central banks may have less room to cut rates if higher energy prices begin feeding into inflation again.
Stock Market Indices
In the United States, the S&P 500 fell 1.36% to 6,624.71, the Dow Jones dropped 1.63% to 46,225.15, and the Nasdaq lost 1.46% to 22,152.42, with the broader move suggesting a rotation away from growth and other risk-sensitive trades as investors responded to the combined pressure of higher oil, firmer inflation expectations, and more cautious central bank messaging.
Overseas markets were similarly weak, with Japan’s Nikkei 225 down 1.38% at 52,260 and the FTSE 100 lower by 0.78% at 10,132.9, as rising energy costs and softer risk sentiment outweighed support from commodity-linked names.
Geopolitics & Market Movers
On the diplomatic front, the war has entered a more dangerous phase as regional energy infrastructure, including major gas facilities and export hubs, is being hit directly, turning the conflict into an immediate threat to global supply flows and sending the impact straight into worldwide markets through higher oil and gas prices, firmer inflation expectations, and a sharper risk-off tone across assets.
On the economic front, the Fed kept rates unchanged at 3.50%-3.75% while signaling higher inflation and maintaining a cautious outlook for easing, and the BOJ held rates at 0.75% while warning that rising oil costs could add to inflation pressure, leaving markets focused on whether this latest oil spike fades as a temporary war premium or becomes the start of a deeper inflation problem.
