By Our Correspondent
National News – Global oil prices climbed on Tuesday, March 31, 2026, as uncertainty surrounding the ongoing war involving Iran unsettled financial markets and pushed investors toward cautious trading.
The increase in crude prices occurred across international markets, while stock indices in Asia, Europe, and the United States recorded mixed performances as traders reacted to developments in the Middle East conflict and possible disruptions to global energy supplies.
Brent North Sea crude for June delivery rose by 0.3 percent to $107.72 per barrel, while the May contract—expiring Tuesday—jumped 2.1 percent to $115.17 per barrel.
Meanwhile, West Texas Intermediate crude increased by 1.4 percent to $104.32 per barrel.
Analysts say the price surge reflects fears that the war could disrupt the Strait of Hormuz, a critical maritime route responsible for transporting about one-fifth of the world’s oil supply.
Energy analysts warn the conflict is already affecting global economies.
Susannah Streeter, chief investment strategist at Wealth Club, said oil prices remain “painfully high for economies to deal with.”
The impact is already visible in Europe, where inflation across the European Union rose sharply to 2.5 percent in March, up from 1.9 percent the previous month due largely to higher energy costs.
Asian economies could face the worst consequences if the crisis persists.
Jean Maynier, president of energy analytics company Kpler, warned that Asia lacks sufficient domestic resources to compensate for supply disruptions.
Countries such as China, Indonesia, and the Philippines may experience severe shortages if global shipping routes remain restricted.
Meanwhile, reports indicate that Donald Trump is considering strategies to end the conflict quickly while avoiding a prolonged military operation to reopen the Strait of Hormuz.
Instead, the United States may focus on targeting Iran’s missile and naval capabilities while applying diplomatic pressure to reopen the vital shipping corridor.
Financial markets reacted cautiously to the situation. Major indices in London, Paris, and Frankfurt posted moderate gains, while Asian markets in Tokyo and Shanghai closed lower as investors weighed the economic risks of escalating conflict.
Market analysts warn that if the war expands or if Iran retaliates further, oil prices could surge toward levels last seen in 2008 when Brent crude approached $150 per barrel.
