Oil rises for a fourth day on supply cuts from widening Middle East conflict

Iran's effective closure of the Strait of Hormuz has pushed Brent futures up 59% in March — its largest monthly gain on record — while WTI is up 58% this month, the biggest monthly jump since May 2020. This represents a major supply shock, creating significant market-wide risk, driving volatility and upward pressure on inflation and energy-sector exposures for portfolios.

Analysis

Iran's effective closure of the Strait of Hormuz has pushed Brent futures up 59% in March — its largest monthly gain on record — while WTI is up 58% this month, the biggest monthly jump since May 2020. This represents a major supply shock, creating significant market-wide risk, driving volatility and upward pressure on inflation and energy-sector exposures for portfolios.