economy
Brent oil heads for record monthly surge, WTI settles above $100 for first time since 2022
Oil prices climbed on Monday after Yemen's Houthis said they had fired missiles at Israel, opening a new front in the U.S.- and Israeli-led conflict with Iran.
TL;DR
- Brent oil prices are poised for their biggest monthly surge on record, with a 55% increase in March.
- U.S. West Texas Intermediate futures rose to their highest settlement since July 2022, gaining 53% in March.
- President Trump threatened to destroy Iran's oil wells and infrastructure if the Strait of Hormuz is not reopened.
- Yemen's Houthis announced missile launches targeting Israel, marking their first direct involvement in the conflict.
- Disruptions to the Bab el-Mandeb Strait, a key shipping channel, could further increase oil prices, potentially reaching $150 per barrel.
- Analysts warn of prolonged supply disruptions and increased recession risks due to the conflict and potential blockade of key straits.