Markets experienced another volatile and broadly negative week as the ongoing Iran conflict and elevated oil prices continued to weigh on investor sentiment. Escalating geopolitical risks triggered sharp swings in crude oil, with European crude briefly retesting $120/barrel and US crude trading near $99. Higher energy prices are contributing to inflation concerns and pressuring risk assets. U.S. equities declined for a fourth consecutive week, leaving the S&P 500 nearly 7% below its late-January record high and pushing the NASDAQ close to correction territory. Treasury yields continued rising as markets reassessed the interest-rate outlook, with the 10-year yield reaching its highest level in roughly eight months. The Federal Reserve held rates steady and maintained its projection for one rate cut this year but delivered a cautious message amid rising energy prices and persistent inflation pressures. February’s Producer Price Index surprised to the upside for a second consecutive month, reinforcing “higher for longer” rate expectations. While economic fundamentals remain relatively resilient, market breadth deteriorated and volatility remained elevated as investors weighed rising inflation risks against slowing growth.