On the morning of March 30, oil prices in Asian markets surged after the Iranian-backed Houthi forces in Yemen officially joined the Middle East conflict, coinciding with the US deploying additional troops to the region. Investors fear that the escalating conflict will plunge the global energy market into even greater turmoil.
Immediately upon opening, North Sea Brent crude oil prices surged more than 3%, reaching $116.43 per barrel, continuing the 4.2% gain from the previous trading session on March 27th. West Texas Intermediate (WTI) crude oil also rose 3.1% to $102.77 per barrel, after a 5.5% increase in the previous session. Notably, Brent crude has already increased by over 50% in March 2026 and is heading towards a record monthly gain.
The Houthi intervention has created new risks, directly threatening oil supplies. While the Houthi forces haven't publicly stated their intention to attack cargo ships passing through the southern Red Sea and the Bab El-Mandeb Strait, they are fully capable of doing so. In particular, Saudi Arabia's Yanbu port, a crucial oil export route after the closure of the Strait of Hormuz, is now entirely within range of Houthi missiles. Previously, Iran tightened control and almost completely blockaded the Strait of Hormuz, a vital waterway connecting the Persian Gulf to global markets, allowing only a small number of ships from Pakistan, Thailand, and Malaysia to pass through.
Mukesh Sahdev, CEO of the analytics firm XAnalysts, believes that the Houthi threat to attack Saudi Arabia's oil infrastructure and export routes through the Red Sea is not just a local conflict, but an act of destroying the only remaining lifeline for the global economy after the Strait of Hormuz has been paralyzed.
Last week, Macquarie Group predicted that oil futures contracts could reach $200 per barrel if the conflict continues until June 2026 and the Strait of Hormuz remains closed, with a 40% probability of this scenario occurring.
Source: https://vtv.vn/gia-dau-brent-vuot-116-usd-thung-100260330091559749.htm
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