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Oil and Gas Brent oil heads for record monthly surge as Iran war enters fifth week
https://www.cnbc.com/2026/03/30/oil-price-today-wti-brent-yemen-houthis-israel-iran-war.htmlBrent oil prices are on pace for the biggest monthly surge on record, as the Iran war has entered its fifth week with President Donald Trump threatening to destroy the Islamic Republic’s oil wells.
International benchmark Brent crude futures with May delivery rose 0.13% to $112.72 per barrel. Brent has soared about 55% in March, a record for the contract dating back to its inception in 1988. The previous monthly record was a 46% gain in September 1990 during the first Gulf War.
U.S. West Texas Intermediate futures with May delivery traded 3.84% higher at $103.47. U.S. crude oil has also gained about 55% in March and is on pace for its best month since May 2020.
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Michael Haigh, global head of fixed income and commodities research at Societe Generale, said the potential for further disruption through the Bab el-Mandeb Strait, a key shipping channel linking the Gulf of Aden to the Red Sea, could push prices even higher.
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