Oil extends gains after new Iran threat to Gulf shipping
In afternoon trade in Asia, Brent crude was around 3.2% higher at more than $80 (£59.67) a barrel, while US-traded oil was up by about 2.6%. Kenya breaking news | Kenya news today |..
✨ Key Highlights
Oil prices have surged, with Brent crude exceeding $80 a barrel, following new threats from Iran to disrupt shipping in the Strait of Hormuz. This crucial waterway, through which approximately 20% of global oil and gas passes, has seen shipments halt after recent vessel attacks.
- Oil prices rose by over 3.2% for Brent crude and 2.6% for US-traded oil.
- Key figures involved include an adviser to Iran's Islamic Revolutionary Guard Corps (IRGC) and U.S. officials like Secretary of State Marco Rubio.
- The cost to transport oil has also significantly increased, with supertanker hire rates reaching an all-time high.
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Oil Extends Gains After New Iran Threat to Gulf Shipping - March 2026
Oil prices have surged with Brent crude exceeding $80 a barrel following new threats from Iran to disrupt shipping in the Strait of Hormuz, a crucial waterway through which approximately 20% of global oil and gas passes. A senior Iranian military advisor stated armed forces will prevent any oil exports through the Strait of Hormuz. Separately, Amazon Web Services confirmed that drones struck three of its facilities in the UAE and Bahrain following US and Israeli strikes against Iran over the weekend. Disruptions continue across the Middle East's aviation sector with limited flights resuming from the UAE following widespread cancellations. Meanwhile, Paris stocks extended losses as geopolitical tensions in the Middle East escalate, with the benchmark CAC 40 index dropping amid heightened market risk aversion.
