Brent crude oil prices concluded their steepest monthly rise on record, surging over 55% in March as the escalating conflict in the Middle East effectively closed the Strait of Hormuz, a critical artery for global energy supplies. The near-total shutdown of the chokepoint, which handles about 20% of the world's oil consumption, has triggered a severe supply shock.
Recent escalations include joint U.S.-Israeli strikes on Iranian petrochemical and technology facilities, and retaliatory attacks by Iran on regional infrastructure. The sustained disruption and heightened geopolitical risk have fueled concerns over a prolonged period of high energy prices, increasing the probability of a global recession and forcing a hawkish shift in central bank policy expectations.
Market Impact: The Dow Jones increased by +0.50% and the S&P 500 is up +0.30%, while the Nasdaq Composite is flat at -0.01%. In cryptocurrencies, Bitcoin has risen +1.85% and Ethereum is up +3.62% since the last session's close.