Iran war drives oil from $70 to $119; S&P 500 swings sharply on inflation fears

Brent crude spiked from ~$70/barrel to $119 since Iran conflict began, dictating violent stock market swings. Investors oscillate between hopes for quick resolution and fears of prolonged Persian Gulf supply disruption. Higher oil threatens to reignite inflation, pressuring central banks. Crude, indices, and inflation-sensitive sectors remain extremely volatile.