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Due to the ongoing disruptions in shipping through the Strait of Hormuz, crude oil futures in New York rose by more than 9% on the 12th, reaching a new high since late August 2022, which led to a sharp decline in the New York stock market. By the close of trading that day, futures for light crude oil with delivery in April on the New York Mercantile Exchange rose by $8.48, closing at $95.73 per barrel, representing a gain of 9.72% ； Futures prices for London Brent crude oil, due for delivery in May, rose by $8.48 to close at $100.46 per barrel, an increase of 9.22%. As the sharp rise in international oil prices dampened market sentiment, all three major stock indexes on the New York stock market fell by more than 1.5% on the 12th. By the close of trading that day, the Dow Jones Industrial Average fell by 739.42 points compared to the previous trading day, closing at 46,677.85 points, a decline of 1.56% ； The S&P 500 index dropped 103.18 points, closing at 6672.62, a decline of 1.52% ； The Nasdaq Composite Index fell by 404.15 points, closing at 22,311.98, a decline of 1.78%. Iran’s new supreme leader, Moezza Khamenei, issued his first statement since taking office on the 12th, saying that Iran would not give up on seeking revenge and would continue to use the blockade of the Strait of Hormuz as a means to achieve this. On the same day, U.S. Energy Secretary Chris Wright said in an interview with American media that the United States is “not yet ready” to escort oil tankers through the Strait of Hormuz. Iraqi media reported that two oil tankers were attacked in Iraqi waters on the 12th, resulting in one death. The General Iraqi Ports Company announced that all oil terminals across Iraq have suspended operations. In its latest monthly oil market report released on the 12th, the International Energy Agency stated that, due to the ongoing tensions in the Middle East, the global oil market is facing the most severe supply disruptions in history. These negative developments make it difficult for investors to see any prospects for a short-term recovery of maritime traffic in the Strait of Hormuz, significantly dampening the previously optimistic expectations. Jim Reid, Global Head of Macro Research and Thematic Strategies at Deutsche Bank, said that if the conflict does not show any signs of de-escalation and oil prices remain high, it could mean an increased risk of broader stagflationary impacts. A report released by Goldman Sachs on the 11th stated that the average price of London Brent crude oil futures in March and April is expected to be $98 per barrel, 40% higher than the average price for 2025. Given the negative impact of conflicts in the Middle East on inflation, financial conditions, hiring, and investment, Goldman Sachs lowered its forecast for U.S. economic growth in 2026 from 2.8% to 2.6% in its report.