Middle East Turmoil: Brent and WTI Oil Strengthen, Shipping Routes Threatened

NEW YORK - Global oil prices strengthened again during Monday’s trading (30/3/2026), with Brent crude heading towards the largest monthly surge in history, as the conflict in the Middle East widens. Quoting Reuters, the Brent crude price rose by 3.09 US dollars or 2.74 percent to 115.66 US dollars per barrel at 06:53 WIB, after closing up 4.2 percent in last Friday’s trading. Meanwhile, West Texas Intermediate (WTI) crude rose by 2.92 US dollars or 2.93 percent to 102.56 US dollars per barrel, after closing up 5.5 percent in last weekend’s trading. This surge was triggered by the Iran conflict, which has effectively closed the Strait of Hormuz, a vital route for around one-fifth of the world’s oil and gas supply. The conflict that began on 28 February 2026 with attacks by the United States (US) and Israel on Iran has now spread to various regions in the Middle East. The Houthi group in Yemen, allied with Iran, even launched its first attack on Israel over the weekend. “This conflict is no longer centred in the Persian Gulf and around the Strait of Hormuz, but has now expanded to the Red Sea and Bab el-Mandeb, one of the world’s most crucial narrow points for the flow of crude oil and refined products,” wrote JP Morgan analysts led by Natasha Kaneva. Data from analytics firm Kpler shows that Saudi Arabia’s oil exports rerouted from the Strait of Hormuz to the Yanbu port in the Red Sea reached 4.658 million barrels per day last week. However, JP Morgan analysts warn that if exports from Yanbu are disrupted, Saudi oil supplies would have to be diverted through the Suez-Mediterranean (SUMED) pipeline to the Mediterranean Sea. Iran has stated it is prepared to respond if a ground attack by the US occurs. Tehran also accuses Washington of preparing a ground military operation, even as it keeps negotiation channels open. Meanwhile, Pakistan’s Foreign Minister Ishaq Dar said his country has discussed various possibilities to end the war quickly and permanently, including the prospect of talks between the US and Iran in Islamabad.