Oil settles near 4-year high as Middle East war drags on
31 March 2026
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“Further production shut-ins by Saudi would then be very likely. This is likely the key reason Brent futures opened strongly this morning.” — June Goh, Senior Oil Market Analyst at Sparta Commodities
Wall Street Journal Markets, date not specified – Brent crude jumped 3.3% to $116.28/bbl in early European trading after fresh concerns emerged around Houthi threats to Red Sea shipping lanes. The Bab el-Mandeb strait, a critical chokepoint connecting the Red Sea to the Gulf of Aden, sits at the centre of fears over potential supply disruption. Any escalation could force Saudi production shut-ins, compounding an already tight market.
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