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Mon, 30 Mar 2026

Mon, 30 Mar 2026 Oil rises above $115 and Asia shares slide as Iran war enters fifth week

It comes after Iran-backed Houthi rebels in Yemen joined the conflict by striking Israel over the weekend.

* Brent crude oil rose by over 3% to above $115 (£86.77) a barrel
* US-traded oil climbed to $103 after gaining around 3.5%
* Stock markets in Asia fell, with Japan's Nikkei 225 down by 4.5% and the Kospi in South Korea 4% lower
* Brent crude is on track for its biggest monthly gain on record
* US President Donald Trump said he could "take the oil" in Iran and possibly seize its major fuel hub of Kharg Island
* Global energy markets have been hugely volatile due to tensions between the US, Israel, and Iran
* Around 20% of the world's oil and gas supply usually passes through the Strait of Hormuz, which has largely come to a standstill
* Energy markets expert Sean Foley expects oil prices to rise further unless the conflict eases
* The price of Brent crude could reach $130 a barrel in the coming weeks, according to Andrew Lipow from consulting firm Lipow Oil Associates.