{"id":570587,"date":"2026-03-30T11:12:10","date_gmt":"2026-03-30T11:12:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/570587\/"},"modified":"2026-03-30T11:12:10","modified_gmt":"2026-03-30T11:12:10","slug":"oil-set-to-book-record-monthly-gain-on-iran-crisis","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/570587\/","title":{"rendered":"Oil Set to Book Record Monthly Gain on Iran Crisis"},"content":{"rendered":"

Oil prices are about to log their biggest monthly rise on record following Houthi attacks on Israel and President Trump\u2019s statement that he wants to take Iran\u2019s oil. The international benchmark was set for a 59% increase since the start of March, Reuters said<\/a>.<\/p>\n

At the time of writing, Brent crude<\/a> was trading at $115.52, after topping $116 per barrel earlier in the day in Asia following the news<\/a> of the Houthi strikes. West Texas Intermediate<\/a> was trading at $101.04 per barrel.<\/p>\n

\u201cThe conflict is no longer concentrated in the Persian Gulf and around the Strait of Hormuz, but now extends into the Red Sea and the Bab el-Mandeb \u2014 one of the world’s most crucial chokepoints for crude and refined product flows,\u201d JP Morgan analysts said in a note, as quoted by Reuters.<\/p>\n

<\/a><\/p>\n

Bloomberg, meanwhile, cited<\/a> President Trump as saying that Iran had agreed to most of the 15 points of a ceasefire plan the United States released last week. \u201cThey gave us most of the points. Why wouldn\u2019t they?\u201d the U.S. president told the media on Air Force One on Sunday. \u201cWe\u2019re going to be asking for a couple of other things.\u201d\u00a0 Trump did not specify the other things, but in an interview with the Financial Times, he said he wanted Iran\u2019s oil.<\/p>\n

The Yemeni Houthis\u2019 involvement in the war has become the latest bullish factor for oil prices as they could add to supply disruptions by targeting tankers in the Red Sea, which has become Saudi Arabia\u2019s main export conduit after the Strait of Hormuz closure. Per Kpler data cited by Reuters, the Saudis were exporting oil at a rate of 4.658 million barrels daily from the port of Yanbu.<\/p>\n

If the Red Sea exports get disrupted, Saudi Arabia would have to redirect oil flows to the SUMED pipeline from the Suez Canal to Egypt\u2019s Mediterranean coast, JP Morgan analysts warned. The pipeline has a capacity of 2.5 million barrels daily.<\/p>\n

By Irina Slav for Oilprice.com<\/p>\n

More Top Reads From Oilprice.com<\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices are about to log their biggest monthly rise on record following Houthi attacks on Israel and…\n","protected":false},"author":2,"featured_media":570588,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[219398,32475,45,49,48,219502,5897,9891,31751,140232,172000,3277,16724],"class_list":["post-570587","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bab-el-mandeb","tag-brent-crude","tag-business","tag-ca","tag-canada","tag-houthi-attacks","tag-iran","tag-oil-prices","tag-red-sea","tag-saudi-exports","tag-strait-of-hormuz","tag-trump","tag-wti"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/570587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=570587"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/570587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/570588"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=570587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=570587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=570587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}