Crude oil prices climbed during Asian trading as tensions escalate in the Persian Gulf, driven by Iranian attacks and U.S. President Donald Trump’s comments regarding a potential withdrawal from the Iran conflict. As of 9:50 ET, the Brent June contract rose 1.5% to $105.56 per barrel, marking a staggering 60% surge in March—the highest monthly increase since 1988. Similarly, U.S. West Texas Intermediate for May also gained 1.5%, reaching $102.92 per barrel, reflecting a 51% rise for the month.

The ongoing military hostilities and disruptions in oil supply through the Strait of Hormuz, a crucial transit point for global oil, have heightened market volatility. With Iran effectively halting shipments and targeting infrastructure in the region, fears of sustained energy supply constraints are reverberating through the global economy, which relies heavily on Middle Eastern oil.

Market professionals should closely monitor developments in U.S.-Iran relations and any potential shifts in military strategy, as these factors could significantly impact oil prices and broader market sentiment in the coming weeks.

Source: cnbc.com