Oil surges past $115
Geopolitical tensions between the US and Iran have driven Brent above $115–$116 per barrel this week — a supply shock centered on Strait of Hormuz risks. - ICE gasoil/diesel prices have effectively doubled in recent weeks to roughly $195/barrel in some contracts, amplifying inflation and transport costs ( ).
Brent was trading at about $115.41 a barrel on March 30, 2026, marking roughly a 48.5% gain over the past month. (tradingeconomics.com)) The International Energy Agency says tanker movements through the Strait of Hormuz have plunged from around 20 million barrels a day before the crisis to a trickle, and that Gulf producers have cut total output by at least 10 million barrels a day. (iea.org)) Major container and tanker operators have rerouted ships around the Cape of Good Hope, adding roughly two weeks to some voyages and materially raising freight costs. (cnbc.com)) Front‑month ICE low‑sulphur gasoil futures were trading near 1,192.50 on March 27, a level market participants and regional analysts say corresponds to roughly $188–$195 per barrel in some contracts. (barchart.com)) U.S. on‑highway diesel retail prices topped $5.00 per gallon recently, with weekly series showing an average near $5.375/gal for the week of March 23. (cnbc.com)) Refining economics have shifted sharply: Gulf Coast 2‑1‑1 crack spreads have widened by about $12/barrel since late 2025, and analysts have lifted refinery price decks and targets for refiners such as Valero. (markets.financialcontent.com)) Asian equities fell as markets priced a prolonged Gulf conflict while oil headed for a record monthly rise, with regional indices paring gains amid the energy shock. (channelnewsasia.com))
