Oil Set for Record Monthly Surge

2026-03-30 23:23 By Jam Kaimo Samonte 1 min. read

WTI crude futures climbed to around $106 per barrel on Tuesday, on track for a record monthly surge of about 60% as the Middle East conflict showed no signs of abating and continued to disrupt global energy markets.

In the latest developments, President Donald Trump threatened strikes on Iran’s electricity plants, oil facilities, and desalination infrastructure if the Strait of Hormuz is not reopened.

This overshadowed his earlier signals that a deal with Iran could be near, even as the US deployed additional troops to the region.

Iran-backed Houthis in Yemen also entered the conflict by targeting Israel over the weekend, while Tehran is reportedly urging militant groups to prepare for a renewed campaign to disrupt Red Sea shipping.

Such developments risk further tightening energy flows from the Middle East, as two of the main strategic waterways in the world for trade and energy supplies could potentially be cut off.



News Stream
Oil Set for Record Monthly Surge
WTI crude futures climbed to around $106 per barrel on Tuesday, on track for a record monthly surge of about 60% as the Middle East conflict showed no signs of abating and continued to disrupt global energy markets. In the latest developments, President Donald Trump threatened strikes on Iran’s electricity plants, oil facilities, and desalination infrastructure if the Strait of Hormuz is not reopened. This overshadowed his earlier signals that a deal with Iran could be near, even as the US deployed additional troops to the region. Iran-backed Houthis in Yemen also entered the conflict by targeting Israel over the weekend, while Tehran is reportedly urging militant groups to prepare for a renewed campaign to disrupt Red Sea shipping. Such developments risk further tightening energy flows from the Middle East, as two of the main strategic waterways in the world for trade and energy supplies could potentially be cut off.
2026-03-30
Oil Set for Record Monthly Surge
WTI crude oil futures rose to $101.7 a barrel on Monday, poised for a record monthly surge of more than 50% in March, as the ongoing Middle East conflict continues to disrupt energy markets. President Donald Trump threatened attacks on Iran’s energy infrastructure, overshadowing his remarks that a deal to end the hostilities could be near. Trump warned that if no agreement is reached soon and the Strait of Hormuz is not “immediately ‘Open for Business,’” the US could target Iran’s power plants, oil wells, and Kharg Island. Prices had already climbed earlier in the session following the deployment of additional US troops and the involvement of Yemen’s Iran-backed Houthis in the conflict. The war has nearly halted traffic through the Strait of Hormuz, with traders warning of further energy price spikes if the fighting continues.
2026-03-30
Oil Rises as Iran Tensions Persist
WTI crude oil futures climbed back toward $100 per barrel on Wednesday, trimming earlier gains of more than 3% after President Donald Trump signaled a possible deal to end military operations in Iran, while still warning of major strikes on key infrastructure including Kharg Island if the Strait of Hormuz is not reopened. Prices had moved higher earlier as additional US troops were deployed to the region and Iran backed Houthi forces in Yemen joined the conflict, escalating tensions. The war has largely blocked the vital Hormuz passage, through which about a fifth of global oil flows, raising fears of further supply disruptions and pushing crude sharply higher in recent weeks. The conflict, now in its fifth week, has intensified attacks across the region and lifted oil prices by around 50% over March, marking one of the steepest monthly rallies on record.
2026-03-30