Elevated volatility returned last week as investors navigated a sharp energy-price shock tied to the U.S.–Iran conflict alongside a weaker-than-expected U.S. labor report. Crude oil prices surged to roughly $90 per barrel by week’s end, reigniting near-term inflation concerns and contributing to a broad risk-off tone across global markets. Equity markets responded negatively, with U.S. stocks retreating and the S&P 500 down about 2% for the week, while international equities experienced more pronounced declines as investors reassessed growth and inflation risks. Fixed income markets also came under pressure as rising energy prices pushed inflation expectations higher. The 10-year Treasury yield climbed during the week to finish above 4.10% even as labor market conditions showed signs of softening. Sector performance was broadly negative for the week, with energy the only sector posting gains amid the oil price surge, while cyclical sectors such as materials and industrials lagged. Overall, market activity during the week appeared to be driven more by uncertainty surrounding the duration of energy supply disruptions and inflation persistence than by a deterioration in underlying economic fundamentals. For our perspective on the Iran war, please see our latest Wealth Management Market Update.