Oil prices surged on Friday, March 28, with Brent crude settling at $112.57 per barrel - a 4.22% gain - while WTI crossed $100 for the first time since July 2022. Iran is enforcing a de facto transit fee on tankers passing through the Strait of Hormuz. The IEA estimates global oil supply will plunge by 8 million barrels per day in March. Energy stocks were the market lone bright spot. ExxonMobil gained 3.5%, Chevron rose 2.8%, and ConocoPhillips added 3.1%. Airline stocks fell: Delta -4.2%, United -5.1%, American Airlines -6.3%.