Gotrade News - Global oil prices surged significantly on Monday (March 30, 2026), spurred by escalating conflict in the Middle East. Yemeni Houthi groups attacked Israel, intensifying tensions involving the United States and Iran. The implications of this attack have sparked market concerns over potential disruptions in global energy supply.
In early Asian trading, Brent crude for May futures increased by 2.92% to USD 115.86 per barrel. Meanwhile, US WTI crude prices rose by 3.2% to USD 102.80 per barrel. The tensions in the region underscore ongoing risks to the sustainability of oil supplies from this area.
This surge in oil prices is the highest since Russia's invasion of Ukraine in 2022. Ed Yardeni, president of Yardeni Research, noted that the heightened risk of prolonged conflict could render markets more volatile. He warned that any blockade in the Strait of Hormuz could worsen the downturn in energy markets.
The conflict originated from US and Israeli attacks on Iran in late February 2026, now spreading to strategic areas like the Red Sea. JPMorgan analyst Natasha Kaneva emphasized the latest activities in the Strait of Hormuz and Bab el-Mandeb, which are crucial global routes for crude oil distribution.
Data from Kpler indicates that Saudi Arabia’s oil exports have already been diverted to ports on the Red Sea due to the conflict. Pakistan's Foreign Minister, Ishaq Dar, stated that negotiations continue in efforts to end the conflict, although Iran is prepared to respond if there is a ground assault.
Previously, Brent oil prices recorded the highest monthly increase, reaching 59%, reflecting market sensitivity to Middle Eastern political upheavals. The recent price spikes are reminiscent of conditions following the 1990 Gulf War.
In the past three weeks, oil prices have continued to climb amid instability in the Middle East. Despite diplomatic efforts, swiftly escalating tensions could have significant impacts on the global market, especially if conflicts disrupt critical routes like the Strait of Hormuz.
This situation poses a significant concern for investors, as any supply disruptions could push energy prices higher, potentially adding to global inflationary pressures. It calls for focused attention on supply stability and energy security.
Reference:
- Liputan6, Harga Minyak Melonjak 3% Imbas Ketegangan Perang Iran Meningkat. Accessed on March 30, 2026
- MetroTV, Harga Minyak Dunia Lompat 2,2%, Brent Tembus USD115/Barel. Accessed on March 30, 2026
- Berita Satu, Naik Lebih dari 2 Persen, Harga Minyak Hari Ini Sentuh US$ 115. Accessed on March 30, 2026
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