Brent Crude Futures Rise $2.72 to $115.29

Oil prices jumped more than $2 per barrel in early trading on Sunday, March 29, as investors monitored the intensifying conflict in Iran and its impact on global energy supplies.

Brent crude futures rose $2.72 to $115.29 per barrel, while West Texas Intermediate (WTI) futures increased $2.36 to $102 per barrel.

Latest Oil Prices:

WTI Crude • 102.7 +3.05 +3.06%

Brent Crude • 115.4 +2.85 +2.53%

Murban Crude • 117.2 +5.35 +4.78%

Natural Gas • 2.967 -0.058 -1.92%

Gasoline • 3.316 +0.066 +2.02%

Heating Oil • 4.623 +0.128 +2.84%

WTI Midland • 93.58 -1.51 -1.59%

Opec Basket • 145.2 +2.38 +1.67%

Indian Basket • 157.0 +7.11 +4.74%

The surge follows disruptions in the Strait of Hormuz caused by ongoing U.S.-Israeli military operations targeting Iranian energy infrastructure. India reported the safe passage of two LNG tankers, BW TYR and BW ELM, carrying around 94,000 metric tons of cooking gas to Mumbai and New Mangalore, respectively, highlighting the heightened focus on secure shipping routes.

Analysts warn that oil prices could spike significantly higher if the conflict continues. Since the outbreak of hostilities, global oil supply has fallen by an estimated 11 million barrels per day as of March 23, according to Fatih Birol, Executive Director of the International Energy Agency.

The closure of the Strait of Hormuz and attacks on Iranian export facilities have already pushed Brent prices above $119 per barrel briefly last week. Any escalation targeting Kharg Island, which handles approximately 90% of Iran’s oil exports, could drive prices to $200 per barrel, analysts say.

Energy-importing nations in Asia and Europe are expected to bear the brunt of rising costs. Northern Asian countries may face electricity rationing, while South and Southeast Asia could experience fuel shortages affecting both consumer and industrial use.

Thomas Weberick, analyst at Nord/LB, noted: “Higher transportation costs affect consumer and capital goods alike, with particularly strong impacts on agriculture and chemical-processing industries.”

Sofro Sarkar of DBS Bank highlighted the uneven regional effects of energy scarcity across Asia.

A Reuters survey of 13 analysts estimates Brent could trade between $100 and $190 per barrel, with an average expectation of $134.62, depending on the conflict’s trajectory and the duration of disruptions in the Strait of Hormuz. 

If hostilities de-escalate but shipping threats persist, prices could range between $50 and $150, reflecting ongoing uncertainty.