Oil prices extended gains on Monday, March 30, 2026, with Brent headed for a record monthly rise, after Yemeni Houthis launched their first attacks on Israel over the weekend.
The attack widened the United States-Israel war with Iran in the Middle East.
Brent crude futures jumped $3.94, or 3.5%, to $116.51 a barrel at 0703 GMT after settling 4.2% higher on Friday, while U.S. West Texas Intermediate was at $102.14 a barrel, up $1.86, or 1.87%, following a 5.5% gain in the previous session.
“The market has all but discounted the prospect of a negotiated end to the war, Trump’s claims of ongoing ‘direct and indirect’ talks with Iran notwithstanding, and is bracing for a sharp escalation in military hostilities, which is a bullish signal for crude, with huge uncertainties on the timing and nature of the outcome,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.
Oil prices set for steepest weekly fall in 6 months
U.S. President Donald Trump said the U.S. and Iran have been meeting “directly and indirectly” and that Iran’s new leaders have been “very reasonable”, as more U.S troops arrived in the region, while the Israeli military said on Monday it is attacking the Iranian government’s infrastructure throughout Tehran.
Brent has soared 59% this month, the steepest monthly jump, exceeding gains seen during the 1990 Gulf War, after the Iran conflict effectively closed the Strait of Hormuz, a conduit for a fifth of the world’s oil and gas supplies, Reuters reported.
The war, launched on February 28 with U.S. and Israeli strikes on Iran, has spread across the Middle East, raising concern about shipping lanes around the Arabian Peninsula and the Red Sea.
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