Oil Hit $90, Equities Slid Again as Weak Jobs Data Stoked Growth Fears

The Dollar Index stayed firm to higher as safe‑haven demand persisted and investors absorbed the implications of 92,000 jobs lost in February alongside an oil‑driven inflation shock. US yields finished the week sharply higher, delivering their biggest weekly jump since April, even as the weak payrolls print complicated expectations for the timing and depth of any Fed easing. 

In the commodity markets, crude oil remained at the center of the macro narrative. April WTI futures traded above 90 intraday and settled just over that mark, extending a powerful rally that has carried prices more than 10% higher in roughly two weeks as the Iran conflict disrupts global supplies and keeps the Strait of Hormuz effectively constrained. Brent hovered just under the mid‑90s after hitting new recent highs, with traders increasingly focused on the risk that prolonged shutdowns in Gulf exports could push crude toward triple‑digit territory.

Gold traded nervously around key support in the 5,070–5,100 zone, caught between safe‑haven demand and the drag from a stronger dollar and higher yields, while silver and the rest of the precious‑metals complex stayed volatile but broadly range‑bound into the weekly close. Industrial metals were mixed, with war‑driven commodity tension offset by mounting worries about global growth and tighter financial conditions.

In the FX space, the defensive tone persisted as higher oil, weak US jobs data, and elevated yields kept investors cautious. The greenback held firm against most peers, supported by its haven status and higher rate backdrop, even as the softer labor print injected some uncertainty into the Fed path. The Loonie struggled to fully leverage the oil surge, as risk‑off flows and a broadly stronger USD limited CAD upside despite the favorable terms‑of‑trade shock. The Aussie and other high‑beta currencies stayed under pressure alongside global equities, while the Swiss franc and, to a lesser extent, the yen remained underpinned by safe‑haven interest.

Sterling and the Euro ended the week on the back foot, constrained by domestic growth concerns and the dollar’s renewed resilience, leaving the broader FX tape firmly tilted toward safety rather than the pro‑cyclical outperformance seen when equities and gold were previously ripping higher together.