Week ending Sunday, March 15, 2026. Market snapshot: Friday close / latest reported prices through March 16
This week, markets remained under pressure. Gold ended the week lower at approximately $5,052 per ounce, down more than 2%, while silver also declined before rebounding to about $80.79 per ounce on Monday. Brent crude rose above $100 per barrel as the conflict in Iran strained the Strait of Hormuz, and the dollar remained strong, challenging import-dependent economies. The dollar index was around 100.2 on Monday after recent highs. The euro dropped to $1.14395 late last week, and the yen continued to weaken as markets questioned Japan’s ability to absorb higher energy costs without policy changes. Equities also declined: the S&P 500 closed Friday at 6,632.19, down 1.6% for the week, while Europe’s STOXX 600 fell 0.5% on Friday, marking a second consecutive weekly loss.
The key development is that markets are now responding not only to oil prices, but also to the broader implications of expensive oil: reduced expectations for rate cuts, increased inflation concerns, and renewed pressure on energy-importing countries. As Reuters noted, this is a rare week when the Fed, ECB, BoE, and BoJ all meet amid similar uncertainty, with investors now focused on whether central banks must maintain tighter policy for longer. Australia has also re-entered the discussion, as markets anticipate a 25 basis point hike due to renewed inflation fears from the oil shock.
From a political perspective, energy security remains the primary concern. The United States is urging allies to help secure the Strait of Hormuz, but the main market implication is that shipping risks persist, oil prices remain high, and countries from Europe to Asia are adjusting policies based on their exposure to imported energy. Japan is particularly vulnerable due to a weak yen and high import dependence. India’s rupee is near record lows, highlighting that oil shocks affect countries differently. In Europe, the focus remains on how much inflation can be tolerated before rate expectations rise.
On a non-market note, March remains flu season in the northern hemisphere, even as cases begin to decline. The ECDC’s week 10 update reported that influenza circulation and hospitalisations in the EU/EEA are decreasing but not eliminated. The WHO notes that in temperate climates, seasonal influenza primarily occurs during winter and spreads easily in crowded settings. This period can be misleading: as the weather improves, many assume the risk has passed, but respiratory viruses continue to circulate due to ongoing indoor gatherings and favorable seasonal conditions.
The prevailing sentiment in Week 11 was one of compression rather than panic. Markets were caught between geopolitical risks and monetary policy realities. Equities showed signs of strain, and commodities no longer provided a straightforward safe haven. Gold remained subdued due to persistent high rates, while oil prices stayed elevated, preventing central banks from easing policy. The dollar remained strong, as investors continued to seek safety amid global uncertainty. In summary, the week brought less clarity, higher costs, and a sense that meaningful relief may not arrive until later in the spring.
Independent strategic perspectives and Nordic Fund Signal for readers navigating global economic uncertainty.
