Brent crude oil prices surged over 60% in March, marking the largest monthly increase since 1988.

Brent oil prices surge 63% in March, the biggest monthly gain since 1988, as the Iran war triggers the most severe supply disruption in history.

The benchmark global May Brent crude contract rose about 5% on Tuesday, settling at $118.35 per barrel. However, the June contract fell 3.2%.

U.S. crude fell 1.46%, to $101.38 a barrel. West Texas Intermediate rose about 51% in March, posting its best monthly performance since May 2020.

U.S. crude and June Brent crude prices fell after reports that U.S. President Trump and Iran are both open to ending the war.

“This is a nightmare,” Rapidan Energy president Bob McNally told the media. “The energy market is experiencing a nightmare it never thought it would—now it wants to believe that the nightmare is over.”

A senior White House official told the media that President Trump said to his aides he is willing to end military action against Iran even if the Strait of Hormuz remains closed. Unconfirmed reports also show that Iran’s President Masoud Pezeshkian is open to ending the war.

Meanwhile, Iran attacked a Kuwaiti oil tanker anchored outside Dubai. According to a statement from Kuwait Oil Company, there were no reports of injuries and no oil spill occurred.

Ben Emons, chief investment officer at FedWatch Advisors, said the attack shows the Islamic Republic of Iran has further tightened its control over the Strait of Hormuz, targeting tankers outside the shipping lanes, highlighting that the risk of further disruption to energy transport has re-emerged.

“The result is a more asymmetric game—America is inclined to pull out, while Iran still has incentives to impose costs,” Emons said.

Trump has previously threatened that if Tehran fails to reopen the Strait of Hormuz, he will expand the scope of attacks and list Iran’s civilian energy infrastructure—including seawater desalination plants—as targets.

On Monday, Trump posted on Truth Social that if Tehran does not reopen the Strait of Hormuz and agree to a peace deal to end the war, “we will end our fine ‘stay’ in Iran” by “blowing up and completely destroying” power plants and oil facilities, “possibly also” seawater desalination infrastructure.

Trump has often been inconsistent, at times praising the negotiations with Iran as productive, and at other times warning that he is preparing to deploy more military forces to the region.

On Monday, he told reporters that Tehran agreed to “most” of the 15-point ceasefire proposals put forward by the U.S., while Tehran publicly rejected those terms and presented its own conditions, including maintaining control of the Strait of Hormuz.

According to reports, Trump has also considered options to send ground forces to seize Halk Island. Halk Island is a major fuel hub and accounts for 90% of Iran’s crude oil exports.

Since the war broke out on February 28, shipping traffic through the Strait of Hormuz has effectively ground to a halt. Before the conflict erupted, the strait typically handled one-fifth of global seaborne oil shipments.

Experts warn that a potential ground operation to seize Halk Island may face risks of casualties for U.S. forces and would extend both the cost and duration of the war.

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责任编辑：张俊 SF065