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Brent Crude Prices Reach Record Monthly Gains, Reaching Early-War Highs on Monday

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Brent Crude Soars: Record Monthly Gains, Nears Early-War Highs Amid Houthi Entry

TEESSIDE, ENGLAND - MARCH 09: The Tavistock Square crude oil tanker, leaves the ConocoPhillips oil terminal after loading on March 09, 2026 in Teesside, England. Global oil prices have risen to their highest levels since 2022 following an escalation of the US-Israel war with Iran. Brent crude, the international benchmark, surged past the $100 psychological threshold. Liquid Natural Gas (LNG) prices have also seen a 50% increase since the US and Israel attacked Iran. The war has effectively closed the Strait of Hormuz which sees over a fifth of the global oil and LNG trade pass through narrow gulf. (Photo by Ian Forsyth/Getty Images)

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CNBC TV18•30-03-2026, 04:52

Brent Crude Soars: Record Monthly Gains, Nears Early-War Highs Amid Houthi Entry

•Brent crude prices are set for record monthly gains, re-testing early-war highs on Monday, March 30.
•Brent crude surged 3% to $116.5 a barrel, nearing its early-war high of $119; US crude (WTI) also rose.
•Oil prices climbed after Iran-backed Houthi militants entered the war and 3,500 US troops arrived in West Asia.
•Saudi Arabia's East-West pipeline is operating at full capacity, exporting 7 million barrels per day, bypassing the Strait of Hormuz.
•Macquarie warned oil prices could hit $200 a barrel if the war continues until June, assigning a 40% probability.

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