"Oil spiking"? Wrong verb tense. Oil spiked, due to market panic, but since its peak late last week, oil is down $30/barrel, a >25% drop. As tanker manage to transit the Strait of Hormuz safely by turning off their ID beacons (being done now) and the US continues to demolish Iranian means of attacking tanker traffic and oil volume is shifted more into pipelines, the price will continue to fall, albeit less precipitously.
"Market in free fall"? The DJIA is down about 2500 points from its ~50300 pea. It's down, currently, but that is NOT "free fall". As uncertainty eases, the DJIA is likely to settle out ("correction") or rise again.