Oil prices rise amid regional conflict and tanker attack

Oil prices experienced significant volatility on March 30 and 31, 2026, driven by an ongoing conflict in the Middle East and reports of an attack on a Kuwaiti-flagged tanker in a Dubai port. The incident, which caused a fire but resulted in no reported injuries, was attributed by some sources to Iran. Following the news, Brent crude prices fluctuated between 109.59 and 116 dollars per barrel, while West Texas Intermediate (WTI) rose above the 100-dollar threshold, reaching values between 103 and 106 dollars. Gasoline prices in the United States reached over four dollars per gallon, marking a three-year high. Market instability is attributed to the lack of signs of de-escalation in the conflict involving the United States, Israel, and Iran, which began on February 28. Sources offer varying figures for the exact price increases due to the rapid shifts in Asian market trading sessions. The overall energy uncertainty continues to impact international markets.