Markets Stabilize After Muscat Protocol; VIX Retreats to 24.54 as Oil Prices Pull Back from $110 Peak

Global financial markets stabilized on April 6 following the April 5 Muscat Protocol, with US equities registering modest gains and the VIX volatility index retreating to 24.54 — well below the 30+ intraday spike of April 3–4 but still approximately 40% above the historical bull-market baseline of 12–18. Oil prices pulled back materially from the $110–113/barrel WTI peak: Brent crude retreated toward the $98–102 range as the Iran-Oman maritime agreement opened the 'Green Channel' for commercial shipping through the Strait of Hormuz. The partial stabilization did not reverse the $6.6 trillion two-day market loss — one of the largest in financial history — nor did it resolve the underlying tariff escalation spiral: China's 34% retaliatory tariff on all US goods (announced April 4) remained scheduled to take effect April 10. US and Chinese officials had not publicly signaled new negotiations. The S&P 500's year-to-date loss widened to approximately 15% from peak, while the Nasdaq remained in technical bear market territory (down 20%+ from peak). Treasury Secretary Scott Bessent characterized the market selloff as 'an adjustment to a structurally stronger American economy' in Sunday morning media appearances. The IMF issued a statement reiterating its global growth forecast of 3.3% for 2026 but flagging 'materially increased downside risks' from the trade policy escalation and energy market disruption.