Brent crude oil is on track for its biggest monthly gain on record in March 2026, climbing 51% since the start of the month. The surge follows the outbreak of the US-Israeli war on Iran on February 28, which led Iran to all but close the Strait of Hormuz — the critical chokepoint through which a fifth of global oil and gas normally passes.
Brent closed at $112.57 a barrel on Friday, up from $72.48 on February 27. It touched a high of $119.50 during the month, its highest level since June 2022. West Texas Intermediate also surged 48%, on track for its strongest month since May 2020.
Analysts at BloombergNEF estimate 9 million barrels per day have been knocked off global supply by the conflict. A coordinated emergency reserve release of 400 million barrels announced on March 11 did little to dampen prices. As of late March, Trump extended Iran a 10-day window to reopen the strait, but oil prices rose further on the announcement.
The oil price surge beat the previous monthly record of 46% set in September 1990 when Saddam Hussein invaded Kuwait. Oil was the best-performing asset in March, while gold fell nearly 15%, global equities declined, and government bond yields rose sharply.
Source: The Guardian — https://www.theguardian.com/business/2026/mar/29/oil-monthly-surge-record-iran-war-markets-gold