By Monday, Brent May futures were trading above $112/barrel. This month, the benchmark has skyrocketed 55%. It’s on track for the steepest monthly rise on record.
The latest catalyst? Yesterday, Trump threatened critical Iranian infrastructure, including desalination plants, oil wells, and Kharg Island—which handles most of the country’s oil exports—if a deal doesn’t arrive “shortly.” Houthi missile fire also raised fresh concerns the conflict could spread to other shipping chokepoints beyond the Strait of Hormuz.
US natural gas tells a different story: Henry Hub has held around $3/MMBtu throughout the war. The reason? Domestic supply remains abundant, and LNG export terminals were already running near capacity before the war. It could get even cheaper: Soaring crude oil prices may boost US LNG supply.
Molly Glick
Energy Central Team
Tue, Mar 31
NEWS: The Iran war is splitting fuel markets in two. ⬅️ ➡️
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