Oil tops $ 115, Asian stocks fall

Tuesday, 31 March 2026 06:22 - - {{hitsCtrl.values.hits}}

Global oil prices jumped and stocks fell sharply yesterday in Asia after the US-Israel war with Iran entered its fifth week.

The price of Brent crude rose by more than 3% to above $ 115 a barrel, while US-traded oil climbed to $ 101.62 after gaining almost 2%. It puts Brent on track for its biggest monthly gain on record.

Japan’s Nikkei 225 lost 2.8%, while the KOSPI in South Korea closed almost 3% lower.

It comes after Iran-backed Houthi rebels in Yemen joined the conflict by striking Israel over the weekend and Iran threatened to expand retaliatory strikes against universities and the homes of US and Israeli officials.

US President Donald Trump said in an interview with the Financial Times on Sunday that he could “take the oil in Iran” and possibly seize its major fuel hub of Kharg Island.

When asked about Iranian defence on the island he said: “I don’t think they have any defence. We could take it very easily.”

Trump compared the potential move to Venezuela, where the US plans to control the oil industry “indefinitely” after the seizure in January of then-President Nicolás Maduro.

Also over the weekend, Iran’s Parliament Speaker warned that his country’s forces were “waiting for American soldiers” as a further 3,500 US troops arrived in the Middle East.