ResearchMar 31, 2026
Oil Hits $100/Barrel for First Time Since 2022 as Brent Posts Record Monthly Gain; Iran Closes Strait of Hormuz
US crude closed above $100/barrel for the first time since 2022, with WTI at $106.44 and Brent crude up nearly 60% for the month. Iran has effectively closed the Strait of Hormuz, threatening approximately one-fifth of global oil supply. Trump has threatened further escalation against Iran's energy infrastructure.