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Global oil prices climbed sharply at the start of Monday's trading session following a significant escalation in Middle East hostilities. Yemen's Iran-backed Houthi group launched a missile barrage targeting Israel over the weekend, raising fears of a wider regional conflict that could severely impact global energy markets.
Brent crude futures advanced 2.2%, reaching $115.08 per barrel during early trade, after briefly spiking to an intraday high of $116.43. The rally reflects growing investor anxiety over supply disruptions as the conflict between the U.S., Israel, and Iran shows no signs of cooling down. Iranian officials further rattled markets by stating their readiness to confront potential U.S. ground forces in the region.
The Houthis, operating out of Yemen with Iranian backing, confirmed launching multiple missile strikes on Israeli territory and threatened additional attacks. Their entry into the conflict has heightened concerns about maritime security in the Red Sea, a critical global shipping corridor where the group has previously targeted commercial vessels.
Meanwhile, Israeli forces reported conducting airstrikes on targets within Iran's capital, while the United States announced the deployment of approximately 3,500 troops aboard the USS Tripoli warship stationed in the Middle East.
Oil markets have already experienced dramatic gains throughout March, with Brent crude rising nearly 60% as the U.S.-Israel military campaign against Iran disrupted global supply chains. Iran's effective blockade of the Strait of Hormuz — a vital chokepoint responsible for roughly 20% of the world's oil supply — has been a primary driver of the price surge.
Diplomatic efforts remain fragile. Pakistan offered to mediate ceasefire negotiations between Washington and Tehran, but Iran rejected direct talks with the U.S. and accused American officials of secretly planning a ground invasion, further dimming hopes for a near-term resolution.
