Commonwealth Bank of Australia
Commonwealth Bank of Australia
03/31/2026 | Press release | Distributed by Public on 03/30/2026 17:53
Brent eyes record rise as US oil also climbs above $US100
Houthi rebels attack Israel
Israel's military said it intercepted two drones launched from Yemen on Monday, two days after Iran-aligned Houthis fired missiles at Israel for the first time since the start of the war. The Houthis have yet to target shipping in the Red Sea, which handles about 15% of global maritime traffic.
If the Houthis attack shipping and shut down the southern entrance to the Red Sea, it could drive prices up further.
Iran's effective closure of the Strait of Hormuz, a chokepoint for roughly a fifth of global oil and gas supplies, has sent oil prices up about 57% this month, the steepest monthly jump in London Stock Exchange Group (LSEG) data going back to 1988, exceeding gains made during the 1990 Gulf War.
US crude, meanwhile, has climbed by 53% for its biggest monthly gain since May 2020.
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