Oil Price Today: Brent Crude Tops $115 as Houthi Attacks Widen Middle East War

TLDR

• Brent crude surged past $115/barrel, up nearly 60% in March, as Iran-backed Houthis in Yemen attacked Israel
• Bitcoin dipped to a one-month low of $64,991 before recovering to $67,347, up 1.2%
• Gold fell over 13% in March despite a small 0.9% rebound, weighed down by a stronger dollar and oil prices
• Asian stocks fell, with Japan’s Nikkei down 2.8% and South Korea’s Kospi dropping 3%
• Trump said a deal with Iran “could be soon,” but Tehran rejected direct talks and accused the U.S. of planning a ground invasion

Oil prices crossed $115 a barrel on Monday after Yemen’s Houthi group launched missiles at Israel over the weekend, widening the scope of the ongoing Middle East war. Brent crude jumped 2.7% to $115.55, while West Texas Intermediate rose 1.8% to $101.41.

The Houthis, who are backed by Iran, said they fired a barrage of missiles and vowed more attacks. Their entry into the conflict raised fresh concerns about shipping through the Red Sea and the Bab al-Mandeb strait, a key alternative route for Gulf oil exports.

Brent is now up nearly 60% for the month of March. The sharp rise in oil prices follows Iran’s move to block the Strait of Hormuz, a shipping lane that supplies about 20% of global oil consumption.

The U.S. confirmed it deployed 3,500 troops in the region aboard the USS Tripoli warship. Israeli forces said they carried out strikes on targets in Iran’s capital over the weekend.

Iran also struck aluminum producers in Bahrain and the United Arab Emirates. Aluminium Bahrain confirmed its facilities were targeted. Emirates Global Aluminium said its plant in Abu Dhabi sustained serious damage from a drone and missile attack. Three-month aluminum futures on the London Metal Exchange gained 5.4% to $3,461 a metric ton, up more than 10% on the month.

Stock Markets Under Pressure

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

European markets were mixed. The German DAX slipped 0.2% and France’s CAC 40 was flat. The UK’s FTSE 100 edged up 0.1%, supported by energy and basic materials stocks.

U.S. stock futures bucked the trend, with futures tied to the Dow, S&P 500, and Nasdaq all gaining around 0.4%.

U.S. Treasury yields fell as growth concerns grew. The 10-year yield dropped 5.2 basis points to 4.387%. Analysts at LBBW estimated economies on both sides of the Atlantic could lose around a quarter of a percentage point in growth this year.

Crypto and Gold React

Bitcoin fell to a one-month low of $64,991 overnight before recovering. It was trading up 1.2% at $67,347 by early Monday.

Gold futures rose 0.9% to $4,533.30 an ounce, though the metal is still down more than 13% for the month. Analysts at ANZ said gold has fallen more than 15% in March, partly due to liquidation of gold-backed exchange-traded funds and a stronger U.S. dollar.

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

OCBC analysts said they expect Brent to stay around $100 a barrel through mid-year before gradually easing in the second half of 2026.

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