FX.co ★ Brent Crude Oil Trades Sideways

Brent crude oil futures traded turbulently around $112 a barrel after a post by President Donald Trump on Truth Social, with the contract’s Tuesday expiry further thinning liquidity as traders remained wary of headline-driven price swings. Trump threatened strikes on Iran’s energy infrastructure—including power plants, oil fields, and the key export terminal at Kharg Island—warning that if the Strait of Hormuz is not reopened, the United States could intervene. His comments overshadowed his separate suggestion that a deal to end hostilities in the Middle East could be close. Brent prices had already climbed earlier on news of additional US troop deployments and the entry of Yemen’s Iran-aligned Houthi forces into the conflict. The war has brought traffic through the Strait of Hormuz close to a standstill, and traders warn that energy prices could spike further if the fighting drags on. Brent has surged roughly 60% in March as the escalating conflict among the US, Israel, and Iran roils global markets, now in its fifth week despite ongoing diplomatic efforts and weekend talks in Pakistan.