Oil Price Surge 2026: Brent Hits $115 as Asia Stocks Plummet

Published: March 30, 2026. The English Chronicle Desk.

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Global energy markets have been jolted by a fresh wave of volatility as the conflict in Iran enters its second month, sending Brent crude prices soaring past $115 a barrel on Monday morning. The surge follows a weekend of significant military escalation, including the entry of Yemen’s Houthi rebels into the fray with missile strikes on Israel and fresh threats from Tehran to broaden its retaliatory targets to include US and Israeli officials’ residences. The “war premium” on oil, which had briefly cooled following diplomatic overtures earlier in the month, has returned with a vengeance as investors brace for a protracted ground campaign.

The impact was felt immediately across Asian financial hubs. Japan’s Nikkei 225 plummeted by 4.5% in early trading, while South Korea’s Kospi dove by 3.2%. Markets in Hong Kong and Shanghai also traded firmly in the red as the “ripple of fear” over energy security hit regions most dependent on Middle Eastern imports. Analysts note that with the Strait of Hormuz effectively blockaded, Asian economies—particularly Japan, which relies on the Gulf for nearly 95% of its oil—are facing a “once-in-a-generation” supply shock that threatens to trigger deep inflationary pressures and stunt post-conflict recovery.

The rhetoric from Washington has added to the market’s jitters. Over the weekend, US President Donald Trump suggested in an interview that the US could “take the oil in Iran” by seizing the major fuel hub of Kharg Island, comparing the potential move to recent military operations in Venezuela. While the Pentagon is reportedly preparing for weeks of ground operations, Iranian parliamentary speaker Mohammad Bagher Qalibaf warned that their forces are “waiting for American soldiers,” following the arrival of a further 3,500 US troops in the region.

The entry of Houthi forces into the conflict has raised fears of a “double chokepoint” crisis. By targeting both the Strait of Hormuz and the Bab al-Mandab Strait in the Red Sea, the combined Iranian-Houthi strategy is successfully disrupting nearly 30% of global energy flows. Data from Kpler indicates that even Saudi Arabia’s attempt to divert exports to Red Sea ports is now under threat. “The market is no longer just pricing in a disruption; it is pricing in a fundamental restructuring of global energy distribution,” noted a senior analyst at JPMorgan.

Domestically, the surge in oil prices is expected to translate to further pain at the pumps and a “grocery supply emergency” in regions reliant on air-freighted staples. While some diplomatic efforts persist—with Pakistan offering to host “meaningful talks” in the coming days—the prevailing sentiment in the trading pits is one of grim realism. With the conflict entering its fifth week and no clear exit strategy in sight, the $115-a-barrel threshold may only be a waypoint on the road to even higher costs for the global consumer.

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