Brent Crude Oil Surges to $116 per Barrel Amid Iran Conflict

Brent crude rose more than 3 percent on Monday to top $116 a barrel as Yemen's Iran-backed Houthis fired missiles at Israel and Trump said he wants to take Iran's crude.

Objective Facts

Brent crude, the global benchmark, rose more than 3 percent on Monday morning to top $116 a barrel. Brent crude has soared more than 55% in March, putting the benchmark on track for its steepest monthly rise on record. Yemen's Houthis said Saturday they had launched missiles at Israel, marking their first direct involvement in the U.S.-Israel war against Iran, with spokesman Yahya Saree saying the group fired a barrage of ballistic missiles at what it called sensitive Israeli military targets, in support of Iran and Hezbollah forces in Lebanon. Trump said he would like to "take the oil in Iran" and is considering seizing the export hub of Kharg Island, which is responsible for more than 90% of Iran's oil exports, telling the Financial Times his "preference would be to take the oil." The Trump administration has deployed US Marines to the Middle East as the war stretches into its fifth week, with about 3,500 additional soldiers arriving in the Middle East on board the USS Tripoli with the 31st Marine Expeditionary Unit.

Left-Leaning Perspective

Left-leaning outlets focus heavily on Trump's comments about taking Iran's oil as evidence of imperial overreach and resource seizure. Trump spoke to the possibility of the U.S. military seizing Kharg Island and said "Maybe we take Kharg Island, maybe we don't. We have a lot of options," speaking with the Financial Times. The Financial Times reported that oil futures contracts worth around $580 million were traded just minutes before President Trump's social media post about alleged peace talks with Iran earlier this week. Progressive outlets emphasize the contradiction between diplomatic claims and military escalation, the toll on working people through higher gas prices, and warnings that ground operations risk creating a permanent quagmire. Critiques from the left stress Trump's dismissal of opponents as "stupid people" for questioning oil seizure plans, comparing unfavorably to the Venezuela operation. Left outlets highlight lawmakers in both parties have raised fears of a "forever war" in Iran and concerns about the growing toll on U.S. forces and weapons stockpiles. The framing emphasizes how conflict enriches oil companies and military contractors while ordinary Americans pay at the pump. What progressive coverage tends to omit is detailed acknowledgment of Iran's actual military capabilities to resist, focusing instead on the costs and contradictions of U.S. policy rather than analytical assessment of the strategic situation.

Right-Leaning Perspective

Right-leaning outlets portray Trump's willingness to consider seizing Kharg Island as decisive force projection and legitimate economic leverage. Trump suggested his priority in Iran is taking control of the country's oil industry, comparing his plans to the takeover in Venezuela earlier this year, after which Trump sought to assert control of the oil industry through a partnership with senior figures in the existing power structure. Conservative commentary frames the assault on Iran as solidifying the Trump doctrine, demonstrating the president's willingness to use tailored, overwhelming force, with Donald Trump proving to be the only U.S. president willing to wage a true war of attrition against Tehran. However, some conservative voices express caution about ground operations. Deploying boots on the ground has been a major political Rubicon for Trump, who has favored swift and finite military action, with Republican Mace saying if there is a conventional ground operation with Marines and 82nd Airborne, Congress should have a say. Former Rep. Matt Gaetz cautioned Trump against escalating by sending U.S. troops to Iran, warning a ground invasion would harm the U.S., mean higher gas prices and food prices, with the warning coming amid a deepening rift within the Republican Party over military action. Right outlets underreport the technical risks of Kharg operations and downplay the possibility that military pressure might backfire diplomatically, focusing instead on Iran's weakened state and U.S. military advantages.

Deep Dive

Brent crude has soared more than 55% in March, putting the benchmark on track for its steepest monthly rise on record. This reflects the cumulative impact of five weeks of U.S.-Israeli strikes that began February 28 and the attack marks a further escalation in the conflict, which began with U.S. and Israeli strikes on Iran on Feb. 28. The core driver remains Iran has brought shipping in the Strait of Hormuz to an effective halt in retaliation, threatening about one-fifth of the global oil supply. The recent escalation on March 30 compounds this: After a month of threats, Yemen's Iran-backed Houthi rebels finally entered the Middle East conflict on Saturday, firing two missiles towards Israel. This creates risk of a second chokepoint disruption, as if the Houthis block Bab al-Mandeb, their most significant move would involve firing at ships coming through, which would lead to the arrest of all commercial shipping through the Red Sea. Trump's public rhetoric about seizing Iran's oil and Kharg Island reflects an actual Pentagon planning process. Uncertainty looms over Trump's approval of the Pentagon's plans for limited ground operations in Iran's strategic regions, with the White House saying it's the job of the Pentagon to make preparations to give the Commander in Chief maximum optionality, and that it does not mean the president has made a decision. However, officials said the plans could mark "a new phase of the war" that may be "significantly more dangerous" for US forces than the first four weeks of fighting. The left correctly identifies that diplomatic claims and military preparations exist in tension, while the right's argument that this represents negotiating leverage carries analytical weight given the buildup signals coercive diplomacy designed to increase leverage as President Trump turns up the pressure for Iran to come to the negotiating table, with Trump essentially saying either Iran can cut a deal now or face more intense consequences, and the military buildup giving the president optionality to bargain from strength. Yet both sides underestimate a critical vulnerability: the geography, military capability and strategic depth of Iran bear little resemblance to the Venezuela raid, with Iran being an enemy that is "very much capable of striking back" with well-trained proxies across the region and control of the chokepoint through which roughly one-fifth of the world's oil flows, making this a more massively difficult task than Venezuela.

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Brent Crude Oil Surges to $116 per Barrel Amid Iran Conflict

Brent crude rose more than 3 percent on Monday to top $116 a barrel as Yemen's Iran-backed Houthis fired missiles at Israel and Trump said he wants to take Iran's crude.

Mar 30, 2026
What's Going On

Brent crude, the global benchmark, rose more than 3 percent on Monday morning to top $116 a barrel. Brent crude has soared more than 55% in March, putting the benchmark on track for its steepest monthly rise on record. Yemen's Houthis said Saturday they had launched missiles at Israel, marking their first direct involvement in the U.S.-Israel war against Iran, with spokesman Yahya Saree saying the group fired a barrage of ballistic missiles at what it called sensitive Israeli military targets, in support of Iran and Hezbollah forces in Lebanon. Trump said he would like to "take the oil in Iran" and is considering seizing the export hub of Kharg Island, which is responsible for more than 90% of Iran's oil exports, telling the Financial Times his "preference would be to take the oil." The Trump administration has deployed US Marines to the Middle East as the war stretches into its fifth week, with about 3,500 additional soldiers arriving in the Middle East on board the USS Tripoli with the 31st Marine Expeditionary Unit.

Left says: Left outlets emphasize Trump's reckless talk of seizing Iran's oil while troops deploy signals endless war, with critics highlighting corruption concerns around insider trading on conflict announcements and warning ground operations will prove disastrous.
Right says: Right-leaning outlets frame Trump's military strength and oil seizure rhetoric as necessary deterrence and justified pressure on Iran, though some conservatives warn against a "forever war" that contradicts Trump's "America First" doctrine.
✓ Common Ground
There is bipartisan concern about ground troops, with polling showing 62% oppose deploying ground troops to Iran, while both Republican and Democratic voices resist ground operations as crossing a political line.
Lawmakers in both parties have raised fears of a "forever war" in Iran and concerns about the growing toll on U.S. forces and weapons stockpiles.
Commentators across the spectrum acknowledge the International Energy Agency assesses that the current episode is the largest supply disruption in the history of the global oil market, with flows through Hormuz collapsing from 20 million barrels per day to a trickle.
Objective Deep Dive

Brent crude has soared more than 55% in March, putting the benchmark on track for its steepest monthly rise on record. This reflects the cumulative impact of five weeks of U.S.-Israeli strikes that began February 28 and the attack marks a further escalation in the conflict, which began with U.S. and Israeli strikes on Iran on Feb. 28. The core driver remains Iran has brought shipping in the Strait of Hormuz to an effective halt in retaliation, threatening about one-fifth of the global oil supply. The recent escalation on March 30 compounds this: After a month of threats, Yemen's Iran-backed Houthi rebels finally entered the Middle East conflict on Saturday, firing two missiles towards Israel. This creates risk of a second chokepoint disruption, as if the Houthis block Bab al-Mandeb, their most significant move would involve firing at ships coming through, which would lead to the arrest of all commercial shipping through the Red Sea.

Trump's public rhetoric about seizing Iran's oil and Kharg Island reflects an actual Pentagon planning process. Uncertainty looms over Trump's approval of the Pentagon's plans for limited ground operations in Iran's strategic regions, with the White House saying it's the job of the Pentagon to make preparations to give the Commander in Chief maximum optionality, and that it does not mean the president has made a decision. However, officials said the plans could mark "a new phase of the war" that may be "significantly more dangerous" for US forces than the first four weeks of fighting. The left correctly identifies that diplomatic claims and military preparations exist in tension, while the right's argument that this represents negotiating leverage carries analytical weight given the buildup signals coercive diplomacy designed to increase leverage as President Trump turns up the pressure for Iran to come to the negotiating table, with Trump essentially saying either Iran can cut a deal now or face more intense consequences, and the military buildup giving the president optionality to bargain from strength. Yet both sides underestimate a critical vulnerability: the geography, military capability and strategic depth of Iran bear little resemblance to the Venezuela raid, with Iran being an enemy that is "very much capable of striking back" with well-trained proxies across the region and control of the chokepoint through which roughly one-fifth of the world's oil flows, making this a more massively difficult task than Venezuela.

◈ Tone Comparison

Left outlets adopt a skeptical, urgent tone using phrases like "goes off script" and "admits," treating Trump's statements as dangerous revelations. Right outlets use more measured language of "options" and "optionality" while celebrating "decisive" action, though conservative critics also express concern in cautious terms about "forever war" risks. Both sides use oil price data but frame it differently—left as evidence of harmful war, right as leverage and cost of necessary strength.

✕ Key Disagreements
Intent and legitimacy of seizing Iranian oil assets
Left: Left critics frame oil seizure as imperial resource theft and corporate enrichment, with no legitimate strategic purpose beyond extracting wealth from a sovereign nation.
Right: Conservatives argue seizure of Kharg Island would be legitimate leverage to force Iranian concessions on nuclear programs and missile arsenals, and justified retaliation for Iranian aggression.
Whether Trump is genuinely pursuing diplomacy or military escalation
Left: Left outlets emphasize the contradiction and view troop deployments plus "take the oil" rhetoric as evidence Trump is using diplomatic cover for military conquest.
Right: Conservatives argue the military buildup enhances negotiating leverage and provides Trump "maximum optionality" to extract concessions, with both diplomacy and military preparation necessary.
Risk assessment of ground operations
Left: Critics warn ground operations are impossibly risky given Iran's military capacity, defensive preparations, missile networks, and proxy forces across the region, with minimal chance of success.
Right: Proponents argue Iran's military has been severely degraded by five weeks of strikes, reducing threat level, though some conservatives acknowledge logistical and political risks require careful approval.