Oil Price Today: Brent Crude Exceeds $115 as Houthi Strikes Expand Middle East War

TLDR

• Brent crude climbed above $115 per barrel, registering a nearly 60% increase in March, following attacks on Israel by Yemen’s Iran-supported Houthi forces
• Bitcoin hit a one-month low of $64,991 overnight before bouncing back to $67,347, marking a 1.2% gain
• Gold dropped more than 13% in March—despite a minor 0.9% recovery—due to pressure from a stronger U.S. dollar and rising oil prices
• Asian stock markets declined, including Japan’s Nikkei (2.8% drop) and South Korea’s Kospi (3% fall)
• Trump stated a deal with Iran “could be soon,” though Tehran turned down direct negotiations and alleged the U.S. is planning a ground invasion

(SeaPRwire) –   Oil prices exceeded $115 per barrel on Monday, following missile strikes by Yemen’s Houthi faction on Israel over the weekend—an escalation that broadened the ongoing Middle East conflict. Brent crude rose 2.7% to $115.55, while West Texas Intermediate climbed 1.8% to $101.41.

The Iran-backed Houthis claimed responsibility for launching a series of missiles and promised additional attacks. Their involvement in the conflict sparked new worries about maritime traffic through the Red Sea and the Bab al-Mandeb Strait—an important alternative pathway for Gulf oil shipments.

BREAKING: Saudi Arabia’s East-West pipeline has officially reached its full capacity of 7 million barrels per day as the Strait of Hormuz remains shut, per Bloomberg.

With the Houthis now entering the war, the concern for oil markets is that the Red Sea becomes a new front.

— The Kobeissi Letter (@KobeissiLetter) March 28, 2026

Brent crude has now gained almost 60% in March. This steep price hike comes after Iran closed the Strait of Hormuz—a shipping channel that carries roughly 20% of the world’s oil supply.

The U.S. verified it has stationed 3,500 troops in the region aboard the USS Tripoli warship. Israeli military forces reported conducting strikes on targets in Iran’s capital during the weekend.

Iran also targeted aluminum producers in Bahrain and the United Arab Emirates. Aluminium Bahrain confirmed its facilities were hit, while Emirates Global Aluminium noted its Abu Dhabi plant suffered significant damage from a drone and missile assault. Three-month aluminum futures on the London Metal Exchange rose 5.4% to $3,461 per metric ton—an increase of over 10% this month.

Stock Markets Under Pressure

Most Asian equities declined. South Korea’s Kospi fell 3%, pulled down by chip and auto sector stocks. Japan’s Nikkei dropped 2.8%, and Hong Kong’s Hang Seng was 0.9% lower.

European markets showed mixed results. Germany’s DAX dipped 0.2%, France’s CAC 40 remained unchanged, and the UK’s FTSE 100 inched up 0.1%—boosted by energy and basic materials stocks.

U.S. stock futures defied the downward trend, with Dow, S&P 500, and Nasdaq futures each rising approximately 0.4%.

U.S. Treasury yields decreased amid mounting growth worries. The 10-year yield fell 5.2 basis points to 4.387%. Analysts from LBBW projected that economies in both North America and Europe might see a 0.25 percentage point reduction in growth this year.

Crypto and Gold React

Bitcoin slid to a one-month low of $64,991 overnight before rebounding. By early Monday, it was trading at $67,347—up 1.2%.

Gold futures increased by 0.9% to $4,533.30 per ounce, yet the metal remains down over 13% this month. ANZ analysts noted gold has dropped more than 15% in March, partially because of the liquidation of gold-backed exchange-traded funds and a stronger U.S. dollar.

Trump told reporters aboard Air Force One that a deal with Iran “could be soon,” referencing what he termed “very reasonable” new Iranian leadership. He noted Iran had let 20 oil tankers pass through the Strait of Hormuz. Pakistan stated it was prepared to host talks between the U.S. and Iran.

Tehran refused direct talks and accused Washington of secretly planning a ground invasion. Trump also told the Financial Times he was open to taking control of Iranian oil, and the Wall Street Journal reported that the U.S. was exploring the possibility of seizing Iran’s uranium stockpile.

OCBC analysts predicted Brent crude will remain around $100 per barrel until mid-year, then gradually decline in the latter half of 2026.