U.S. markets closed mixed on March 12, 2026, as escalating tensions in the Iran conflict continued to drive oil prices higher while pressuring broader equities. The S&P 500 edged lower, the Dow posted a notable decline, and the Nasdaq showed slight resilience. Commodities reflected heightened supply risks through the Strait of Hormuz, with Brent crude surging significantly. Treasury yields climbed in response to persistent inflation pressures from energy costs. These levels set the backdrop for today's open.

The S&P 500 settled at approximately 6,700, down about 0.9% to 1.1% from prior levels in recent sessions, reflecting broad-based caution amid energy-driven volatility. Intraday ranges showed pressure from energy sector gains offset by weakness in other areas. The Dow Jones Industrial Average closed at 47,417.27, down 289.24 points, or 0.61%, marking a retreat to lower levels as investors assessed geopolitical supply risks.

The Nasdaq Composite ended near 22,716, up modestly by 0.08%, supported by selective tech stability despite the overall risk-off tone. These moves indicate markets opening with elevated uncertainty tied to commodity pressures.

The 10-year U.S. Treasury yield rose to around 4.24%, up from 4.15% the previous day, extending a recent increase of roughly 9 to 13 basis points over recent sessions. This reflects market pricing for sustained inflation from higher oil costs and fiscal considerations amid defense-related spending. Higher yields add context to fixed-income positioning and borrowing costs for corporates entering today's session.

The U.S. dollar remained firm against major counterparts, supported by safe-haven flows and higher yields. This backdrop contributes to pressure on emerging market assets and commodity exporters sensitive to dollar strength.

Brent crude futures settled near $100 per barrel, up approximately 8% to 9% on the day, after briefly testing higher levels. This surge stems from ongoing disruptions in the Strait of Hormuz, where shipping traffic remains severely limited due to security risks from the conflict. WTI crude rose similarly, trading around $94 to $95, highlighting the premium attached to supply concerns affecting roughly 20% of global seaborne oil flows. Gold showed mixed performance, with recent corrections amid the flight to energy-related risks. These commodity levels underscore potential near-term cost pressures across sectors reliant on energy inputs.

Producer Price Index data for February showed monthly increases, with headline PPI up 0.5% and core components reflecting pass-through effects from energy and tariffs. JOLTS job openings for January stood at around 6.542 million, below prior expectations. These readings add to the inflation-sensitive environment, with energy volatility amplifying producer cost dynamics ahead of further data.

Global equity markets reflected similar caution, with Asian and European indices showing volatility tied to oil exposure. The IEA's prior release of emergency reserves, noted in context at 400 million barrels, provided only a partial offset to current disruptions.

Key reference levels:

Markets open with Brent near $100, the 10-year yield at 4.24%, and major U.S. indices at levels indicating geopolitical risk pricing. Energy supply conditions through the Strait of Hormuz remain the dominant variable shaping the near-term market context.