Markets fell after a coalition of the U.S. and Israel attacked Iran. Subsequent attacks by Iran on neighboring countries further intensified the conflict. Shipping traffic through the Strait of Hormuz—the only sea passage to the Persian Gulf and a key route for transporting goods, including crude oil—declined sharply. Consequently, both the production and transportation of crude oil have been significantly impacted leading to higher oil prices. On the economic front, Nonfarm Payrolls fell by 92K in February, partially impacted by snow weather.