March volatility spikes on Middle East war, energy rally, and rising recession risks.

In March, market volatility surged due to a new regional conflict in the Middle East, driving up energy and commodity prices sharply. The reopening of the Strait of Hormuz is a key factor that could influence global recession risks in the coming month. Additionally, instability in the private credit market worsened, and interest rates rose significantly, increasing concerns about a global recession. Investors are watching closely as these factors set the stage for market behavior in April and beyond.