Volatile oil prices are rattling stock markets around the world as the ongoing Middle East conflict continues to disrupt passage in the Strait of Hormuz.

As of Friday (8 May), Brent crude was hovering above $100 a barrel — roughly 40%-60% higher than February. Global stocks have felt the pinch: the MSCI World index is down around 4% in the first quarter and over 6% just in March.

Markets in Europe, the UK and Asia tend to suffer single-day dips of 2%-3% whenever escalation headlines hit the news. Meanwhile, energy stocks have benefited, with oil companies up 40%-45% and the broader energy sector nearly as strong.

So the market hasn’t crashed yet, but if this volatility keeps eroding…