Volatility Index surged 17.36% to 34.61, reaching its highest level since April 2025. Oil prices came off earlier highs on Monday but were still up more than 15% at levels not seen since ​mid-2022 as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding U.S.-Israeli war with Iran.

Volatility Index-related ETFs surged in overnight trading. 2x Long VIX Futures ETF rose over 10%; UVXY up over 8%; VIXY, VXX up over 5%.

Disruptions in tanker movements and rising security risks have already slowed shipping activity, and left Asian buyers reliant on Middle Eastern crude especially vulnerable because the crisis is unfolding around the Strait of Hormuz, through which roughly one-fifth of the world's oil supply passes.