Oil Prices Jump 4% Following Houthi Attack on Israel, Extend Monthly Rally

US-Iran Conflict Drives Oil Prices Higher

Brent Crude prices surged as much as 3.7% to $116.75 per barrel on Monday, March 30, as tensions between the US and Iran escalated. This marks a record monthly surge for Brent crude, which has rallied around 60% in March.

West Texas Intermediate rose above $100 before trimming its gains, while crude oil prices on Multi Commodity Exchange (MCX) rose as much as 2% to ₹9,573 per barrel. The conflict has entered its fifth week, with little sign of easing despite diplomatic efforts by Washington.

The involvement of the Houthi forces, who launched missile strikes on Israel over the weekend, introduces fresh risks to the crude market. Any disruption to cargoes shipped through Saudi Arabia's Yanbu could further tighten global supply.

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Crude Oil Prices Outlook

According to Sugandha Sachdeva, Founder of SS WealthStreet, the market remains highly sensitive to geopolitical developments. Key supports are placed at $93 and $73 per barrel (Brent Crude), while on the upside, a retest of $120 remains plausible, with an extended move towards $150 per barrel not ruled out if geopolitical risks intensify further.

US Oil is currently trading near 101.5, showing mild consolidation after testing the 103 level. The broader trend remains bullish, with prices maintaining higher highs and higher lows along the ascending trendline amid ongoing geopolitical supply concerns.