The price of Brent crude oil, a benchmark in the European market, closed March at 118.35 dollars per barrel after registering a 63% rise, the largest monthly increase since records began in the futures market, initiated in 1988 at the Intercontinental Exchange (ICE). On the last day, crude oil for May delivery advanced nearly 5% and reached an intraday high of 119.5 dollars.
The escalation occurs in the context of the war initiated on February 28 between the United States, Israel, and Iran, which has raised uncertainty about global supply. The partial closure of the Strait of Hormuz, through which approximately one-fifth of the world's oil transits, has intensified fears of supply disruptions.
Tensions have worsened after warnings from the US president, Donald Trump, about possible attacks on energy facilities in Iran if circulation in the area is not restored. “If countries want oil, let them go and take it themselves,” he stated.
The impact of the conflict has also spread to other energy markets. Natural gas in Europe rose more than 64% in March, its largest increase since November 2022, although in the last session it fell 8% to 50.3 euros per megawatt hour in the Dutch TTF market.
In parallel, U.S. crude West Texas Intermediate (WTI) closed the month at 101.38 dollars, a 51% above its price at the beginning of March. Before the outbreak of the conflict, Brent was trading around 60 dollars.
