The CBOE VIX experienced significant price action today, driven by geopolitical escalations and a surge in energy prices. After a sharp morning spike, the index moderated throughout the afternoon as equity markets recovered from their session lows.
Trading was likely influenced by the upcoming long weekend, as U.S. markets are closed for Good Friday. This contributed to defensive positioning ahead of three days of potential risk.
VIX Intraday
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- Last Price: 23.87 (as of 3:15 PM CDT)
- Daily Range: 23.87 – 27.89
- Opening Price: 26.78
- Previous Close: 24.54
- Geopolitical Risk: The VIX gapped higher at the open, hitting a high of 27.89 in early trading. This followed a national address by President Trump late Wednesday, which signaled likley continuation of military action in Iran.
- Energy Markets: Global volatility surged over 8% as oil prices rose to over $112/barrel. Concerns remain regarding the continued closure of the Strait of Hormuz.
- Market Reversal: Despite the concern, the VIX steadily declined from its morning highs as the S&P 500 recovered most of its 1.5% early loss. By mid-afternoon, the VIX fell below its previous close, reflecting a "volatility crush."
