Oil prices have surged, with Brent futures now exceeding $115 a barrel, marking a 59% increase in March. This follows Iran's vow to close the Strait of Hormuz amid the ongoing U.S.-Israeli conflict. This could potentially restrict shipping through the Bab el-Mandeb in the Red Sea, another major choke point in the Middle East oil trade. Meanwhile, President Trump revealed that Iran had agreed to let through another 20 "big boats" as a concession, suggesting Iran controls the Strait. The conflict could potentially escalate, causing more damage down the supply chain and potentially delaying recovery once the Strait reopens. Key developments include the resignation of Federal Reserve Board Chair Jerome Powell and the proposed replacement for Powell.