NEW YORK - Global oil prices strengthened at the end of trading on\nMonday (30\/3\/2026) local time, or Tuesday (31\/3\/2026) morning Western\nIndonesia Time, with Brent crude set to record the highest monthly\nincrease in history.<\/p>\n
Meanwhile, US crude oil broke through the $100 US per barrel level\nfor the first time since 2022.<\/p>\n
Citing Reuters, Brent crude oil rose 21 cents or 0.2 percent to\n$112.78 US per barrel, after surging more than $4 to a daily high of\n$116.89 US per barrel.<\/p>\n
The price increase was triggered by the widening conflict in the\nMiddle East, after Yemen\u2019s Houthi group expanded Iran\u2019s war by launching\nits first attack on Israel.<\/p>\n
The Israeli military stated it had intercepted two drones launched\nfrom Yemen on Monday, two days after the Iran-allied Houthi group fired\nmissiles at Israel for the first time since the war began.<\/p>\n
The conflict has spread in the Middle East since the US and Israeli\nattacks on Iran began on 28 February 2026, raising concerns over\nshipping routes around the Arabian Peninsula and the Red Sea.<\/p>\n
\u201cIf the Houthis attack shipping and close the southern entrance to\nthe Red Sea, it could push prices up by $5 to $10 US per barrel,\u201d said\nRobert Yawger, director of energy futures at Mizuho.<\/p>\n
Iran\u2019s effective closure of the Strait of Hormuz, a strategic route\ncarrying around one-fifth of global oil and gas supplies, has driven a\n57 percent surge in oil prices throughout the month.<\/p>\n
The surge marks the sharpest monthly increase since 1988, surpassing\nthe spike during the 1990 Gulf War.<\/p>\n
US President Donald Trump warned that Iran\u2019s energy facilities and\noil wells would be \u201cdestroyed\u201d if the country does not reopen the Strait\nof Hormuz.<\/p>\n
The statement came after Iran deemed the US peace proposal\nunrealistic and launched a wave of missiles at Israel.<\/p>\n
Previously, Trump stated he would delay strikes on Iran\u2019s energy\ninfrastructure until 6 April, while noting that talks between the two\ncountries were ongoing both directly and indirectly.<\/p>\n
To ease investor concerns, G7 financial leaders stated they are\nprepared to take \u201call necessary steps\u201d to maintain energy market\nstability and limit broader economic impacts.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/middle-east-conflict-heats-up-global-oil-prices-surge-1774932692", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }