Oil Prices Rise as Iran Conflict Escalates and Houthis Attack Israel
Global oil prices strengthened again amid the escalation of the Iran conflict, after the Tehran-backed Houthi group joined in attacking Israel. This situation has sparked new concerns about the stability of global energy supplies.
Citing Bloomberg on Monday (30/3/2026), Brent crude prices surged by up to 3.7% to $116.75 per barrel. Meanwhile, West Texas Intermediate (WTI) crude broke through the $100 per barrel level.
The oil price spike occurred after the Houthi group in Yemen launched missiles at Israel over the weekend. They stated they would continue operations until attacks on Iran and its allies cease.
In an interview with the Financial Times, US President Donald Trump expressed his desire to take over Iran’s oil, including the possibility of controlling the main export hub on Kharg Island.
That statement could provoke a major response from Tehran. Previously, the US had also attacked military facilities on the island.
Throughout March, Brent crude prices recorded a roughly 60% surge, amid the war between the US, Israel, and Iran shaking global markets.
Trump also stated that Iran has met most of the 15 US demands to end the conflict, though he did not detail the concessions.
On the other hand, Iran previously rejected the plan and asserted conditions, including maintaining sovereignty over the Strait of Hormuz.
Tensions in the Strait of Hormuz, a vital route connecting the Persian Gulf to global markets, are intensifying.
Iran is reported to have restricted most ship traffic, allowing only a small number of vessels to pass, including those from Pakistan, Thailand, and Malaysia.
The entry of the Houthis into the conflict presents new risks to the oil market. The group previously disrupted shipping routes in the Red Sea since the 2023 Gaza war, forcing many vessels to reroute.
Threats to Saudi Arabia’s oil infrastructure, particularly export routes through the Yanbu port in the Red Sea, could further tighten global supplies. That port is currently serving as an alternative export route after the Strait of Hormuz has been practically disrupted.