Brent crude oil jumped 4.22% to settle at $112.57 per barrel, while WTI crude rose 5.4% to $99.64 - the highest levels since 2022. Oil prices have surged approximately 53% since the Iran conflict began on February 27. The Strait of Hormuz remains blocked, with two Chinese ships reportedly turned away. President Trump extended a deadline for Iran to April 6, citing ongoing negotiations. Saudi Arabia and the UAE are reportedly weighing joining the conflict. Energy stocks were the sole sector gainers in March, up 12.5%. Chevron, ExxonMobil, and ConocoPhillips all hit 52-week highs. Conversely, airline stocks suffered: Delta -4.2%, United -5.1%, American Airlines -6.3%. Analysts warn oil could hit $200 per barrel if the conflict continues through June.