{"id":134219,"title":"Oil surges above $116 as Middle East tensions escalate","publisher":"Share Talk","author":"sharetalk","published":"2026-03-30T06:37:09+00:00","modified":"2026-03-30T06:37:09+00:00","canonical_url":"https://www.share-talk.com/oil-surges-above-116-as-middle-east-tensions-escalate/","markdown_url":"https://www.share-talk.com/oil-surges-above-116-as-middle-east-tensions-escalate.md","json_url":"https://www.share-talk.com/oil-surges-above-116-as-middle-east-tensions-escalate.json","category":"Energy","categories":["Energy"],"tags":["Brent Crude","Citigroup","Crude prices","diesel","Donald Trump","Emmanuel Macron","energy price cap","gas","Iran","Islamic Republic’s Navy","Israel","Israeli media","Keir Starmer","Middle East","Middle East conflict","Middle East crisis","Mohammad Akbarzadeh","Ofgem","oil","OPEC","petrol","Qatar","RAC","Rachel Reeves","Revolutionary Guard Corps","Russian","Saudi Arabia","Strait of Hormuz","Tehran","UAE","UK","Ukraine","United States","US Navy"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/03/a221ce40-31cc-48dd-83e5-1ebffa61aa27.webp?fit=1536%2C1024&quality=80&ssl=1","format":"news","language":"en-GB","content":"Oil prices have climbed sharply, with **Brent crude rising above $116 a barrel**, its highest level in nearly two weeks, as the conflict in the Middle East intensifies.\n\nPrices jumped more than **3% on Monday**, putting oil on track for what could be its **largest monthly gain on record**, driven by fears of supply disruption and a widening regional conflict.\n\nThe escalation has been fuelled by the involvement of Iran-backed groups and growing speculation over potential US military action. Donald Trump added to market uncertainty, suggesting the US could target key Iranian oil infrastructure, including **Kharg Island**, a critical export hub.\n\nAt the same time, Trump indicated that Iran had allowed oil tankers to pass through the **Strait of Hormuz**, hinting that a diplomatic resolution may still be possible.\n\nDespite these mixed signals, investors are increasingly preparing for a **prolonged conflict**, raising concerns about:\n\n- **Higher global inflation**\n\n- **Energy supply disruption**\n\n- **Slower economic growth, particularly in Asia**\n\nAsian equity markets reacted sharply, with major indices in Japan and South Korea falling around **3%**, reflecting the growing risk-off sentiment."}