Brent Crude Surges 59% in March as Strait of Hormuz Closure Chokes Global Energy
Key Takeaways
- Brent crude tops $115 a barrel on Hormuz closure fueling sustained price gains.
- Brent up about 59% since March start, on track for historic monthly gain.
- Strait of Hormuz closure heightens supply fears and pushes global oil prices higher.
Oil Prices Spike
Brent crude prices surged past $115 per barrel.
“Oil prices rose by more than $2 a barrel in early trading on Sunday evening, March 29, as investors watched developments in the Middle East”
This marked a 59% gain in March, the largest monthly rise on record.
OPEC production fell by 7.3 million barrels per day.
Strait of Hormuz Impact
Iran's blockade has sent shockwaves through global markets.
The Indian government confirmed two LPG carriers safely passed through.
War Fuels Market Volatility
The Nikkei index slid.
“Financial Express regarded the crossing of oil prices above the 115-dollar per barrel mark as alarming for investors”
European shares opened lower.
U.S. Treasuries yields rose sharply.
Experts Warn of Prolonged Crisis
Analysts warned the conflict could lead to sustained high energy prices.
Brent futures were priced above $100 through July.
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