Global crude oil prices surged during trading on Monday (March 30, 2026), driven by the escalating conflict in the Middle East.

According to Reuters, Brent crude rose by US$3.09, or 2.74%, reaching US$115.66 per barrel. This increase extended the upward trend from the previous Friday, when prices had already jumped by 4.2%.

Meanwhile, US West Texas Intermediate (WTI) crude also climbed to US$102.56 per barrel, gaining US$2.92 or 2.93%.

The monthly increase has been exceptionally steep, with Brent prices rising by 59% in just one month. This marks the sharpest monthly gain on record, surpassing even the volatility seen during the 1990 Gulf War.

This surge is closely linked to the expanding conflict involving Iran, which has led to the closure of the Strait of Hormuz—a critical route for approximately one-fifth of the world’s oil and gas supply.

Tensions intensified further after Yemen’s Houthi group launched its first attack on Israel over the weekend, signaling a new phase in the escalation of conflict involving the United States and Israel against Iran.

The attack has also raised serious concerns about the safety of shipping routes around the Arabian Peninsula and the Red Sea.

“The conflict is no longer confined to the Persian Gulf; it has now spread to the Red Sea and the Bab el-Mandeb, which are among the most crucial shipping lanes in the world,” wrote JP Morgan analyst Natasha Kaneva.

Data from analytics firm Kpler indicates that Saudi Arabia has rerouted its oil exports from the Strait of Hormuz to the port of Yanbu on the Red Sea, with volumes reaching 4.6 million barrels per day. However, if the Yanbu route is also disrupted due to intensifying attacks, Saudi Arabia may need to redirect shipments through pipelines in Egypt to the Mediterranean via the SUMED route.

Despite ongoing efforts toward a ceasefire, attacks in the region escalated over the weekend, even damaging the Salalah terminal in Oman.

On the other hand, Iran has declared its readiness to retaliate in the event of a US ground attack. Tehran has accused Washington of preparing such an operation, although the United States maintains that it is still pursuing diplomatic negotiations.