**Global markets have been experiencing a four-week losing streak, raising concerns of a potential correction**. A correction, in this context, refers to a decline of at least 10% from recent highs. As of March 20, 2026, markets are nearing this threshold. The current economic situation is largely attributed to the ongoing conflict with Iran, which has led to a significant increase in oil and gas prices. According to recent data, oil prices have surged due to the escalating tensions in the region. This development has had a ripple effect on the global economy, causing a rise in gas prices. As a result, consumers are facing higher costs for fuel, a burden that is likely to impact various sectors of the economy. The economic turmoil is also affecting the mortgage market. Despite recent declines, mortgage rates have begun to rise again. This reversal has caught the attention of economists and industry experts, who are closely monitoring the situation. The increase in mortgage rates is expected to impact the housing market, potentially affecting consumer spending and overall economic activity. In a recent report, NBC News' Christine Romans highlighted the concerns surrounding the current economic situation. Romans noted that the war with Iran is driving oil and gas prices up, while also sending mortgage rates higher. The economic turmoil is a complex issue, with various factors contributing to the current market trends. The impact of the rising gas prices and mortgage rates is being felt across different sectors of the economy. Consumers are facing higher costs for fuel, which is likely to impact their spending habits. The increase in mortgage rates is also expected to affect the housing market, potentially leading to a decline in demand for new homes. As the situation continues to unfold, market analysts and economists will be closely monitoring the developments. The current economic environment is complex, with various factors influencing the market trends. The ongoing conflict with Iran, rising gas prices, and increasing mortgage rates are all contributing to the current market conditions.