"War Oil": Brent Nears $115 as Markets React to Trump’s Threat to Seize Iran’s Kharg Island

Oil prices extended their massive rally on Monday, March 30, 2026, as global supply fears intensified. Brent crude surged 2.2% to $114.99 per barrel, while U.S. West Texas Intermediate (WTI) climbed to $101.36. The surge follows President Donald Trump’s assertion to the Financial Times that the U.S. could "easily seize" Kharg Island, Iran's primary export terminal.

March has become a record-breaking month for energy markets, with Brent posting a 59% monthly gain—the highest since 1988. With the Strait of Hormuz effectively closed, global shipping has been paralyzed, forcing Saudi Arabia to reroute 4.6 million barrels per day to the Port of Yanbu to bypass the conflict zone.