Oil prices surged nearly 30% to more than $119 a barrel on Monday, hitting levels not seen since mid-2022, as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.
Japan's industry ministry has asked domestic wholesalers to switch to Brent crude oil pricing from the Dubai benchmark when setting gasoline prices, in an attempt to contain price increases, according to a document seen by Reuters.
Oil prices extended gains on March 30, with Brent headed for a record monthly rise, after Yemeni Houthis launched their first attacks on Israel over the weekend, widening the US-Israel war with Iran in the Middle East.
Brent crude jumped 10% to about $80 a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 after US and Israeli strikes on Iran plunged the Middle East into a new war, reported Reuters, citing senior analysts.
Oil prices were hovering near seven-month highs on Wednesday as the threat of military conflict between the US and Iran that could disrupt supply continued to worry investors as talks between the parties are set for Thursday. Brent prices soared to $71.10 per barrel, their highest since July 31, 2025.
Oil prices rose on Thursday as markets continued to assess the impact of disruptions to shipping in the Gulf and the continuing conflict in the region.
