Brent crude hits $116 a barrel as Trump threatens to ‘blow up’ Iran’s oilwells and export hub

March 30, 2026

TL;DR

Oil prices neared $117 a barrel due to threats from Donald Trump against Iranian energy infrastructure.
Trump stated the US would 'blow up and completely obliterate' Iranian power plants, oil wells, and Kharg Island in retribution.
Federal Reserve Chair Jerome Powell described the central bank as being in a 'good place... to wait and see' regarding economic impacts but noted conflicting risks to the labor market and inflation.
Global stock markets showed mixed reactions, with Asian markets dropping and European and US markets rising slightly.
The conflict in the Middle East has driven oil prices to historic highs, with Brent crude poised for its largest monthly gain.
UK petrol and diesel prices have reached their highest levels in months, with potential for temporary shortages.
Aluminium prices increased significantly after Iran struck producers in Bahrain and the UAE.

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