Brent Oil Set for Record Monthly Rally While Trump Mulls War End

Eric Nuttall, senior portfolio manager at Nine Point, said that oil disruption from war with Iran is projected to be worse than during the Covid pandemic as Hormuz remains closed.Source: Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Bloomberg News

March 30, 2026 at 10:14 PM UTC

Updated on

March 31, 2026 at 3:03 PM UTC

Oil is on track for its strongest ever monthly rally in London, even as prices fluctuated Tuesday, buffeted by ongoing attacks in the Persian Gulf and signs of President Donald Trump contemplating an exit from the Iran conflict.

Brent futures for May delivery traded near $119 a barrel, headed for a record surge of more than 60% in March as the US-Israeli campaign against Iran triggered the most severe energy supply shock in history. With May futures expiring on Tuesday, the more widely-traded June contract was up slightly, trading near $108.