Brent Crude Posts Biggest Monthly Surge Since 1988 as War Chokes Global Oil Supply
BeInCrypto
Brent crude oil experienced its largest monthly gain since 1988 due to supply disruptions caused by the closure of the Strait of Hormuz.Summary
Brent crude oil futures surged over 60% in March, marking the largest monthly increase since the contract's inception in 1988. This historic rally follows the closure of the Strait of Hormuz by Iran, which the International Energy Agency described as the largest disruption in global oil market history. The resulting energy shock has significantly increased fuel costs for consumers in the US and the UK. Analysts from JPMorgan and other institutions warn that if the waterway remains closed, prices could climb toward $150 or even $200 per barrel, prompting discussions regarding potential military intervention or diplomatic resolutions to reopen the vital shipping route.
(Source：BeInCrypto)