Oil Prices Surge to $100 as Strait of Hormuz Closure Impacts Stocks

The closure of the Strait of Hormuz has driven oil prices to $100 per barrel, raising concerns about a challenging week for stock markets. According to NS3.AI, the VIX index showed a 10-point wider reading compared to the S&P 500, which is interpreted as a sell signal. Retail purchases in the United States Oil Fund ETF have increased to over $30 million daily. Asset managers sold approximately $36.2 billion in S&P 500 futures between March 3 and March 10, marking the largest weekly sale in over a decade.