Houthi militants in Yemen entered the Middle East war and more U.S. troops arrived in the region, raising fears the widening conflict will cause further chaos...
Houthi supporters shout slogans during a rally against Israel and the United States' war on Iran, in Sanaa, Yemen, Friday, March 13, 2026. Brent crude — on track for a record monthly increase — surged as much as 3.
8% to $116.89 a barrel, while West Texas Intermediate jumped above $100, before paring gains. The Houthis fired missiles at Israel over the weekend, and said they would continue operations until attacks on Iran and its proxy militant groups cease. The US has ordered thousands of troops to the region, fanning fears of a risky ground invasion. In an interview with the Financial Times on Sunday, President Donald Trump said he wants to “take the oil in Iran” and could seize the export hub of Kharg Island, a move that could trigger significant retaliation from Tehran. Earlier this month, the US struck military sites on the island. Brent has surged around 60% in March as the war between the US, Israel and Iran upended global markets and triggered concern about a simultaneous spike in inflation and slowdown in growth. The conflict has entered its fifth week and is showing no sign of abating despite a diplomatic push by Washington last week and separate peace talks over the weekend in Pakistan.On Sunday, Trump told reporters on Air Force One that Iran “gave” the US most of the 15 demands it sent to Tehran for an end to the war, declining to specify the concessions offered. Iran previously publicly rejected the plan, countering with conditions including maintaining sovereignty over the Strait of Hormuz. “Four weeks in, the impact of the effective Hormuz closure is now spreading through the oil market,” Morgan Stanley analysts including Martijn Rats and Charlotte Firkins said. “The cumulative losses are now large enough to matter in end-use markets.”Iran has choked off all but a fraction of the traffic passing through the waterway that links the Persian Gulf to global markets. Tehran has moved to formalize its control of the artery, barring most vessels, while allowing a handful to pass, including from Pakistan, Thailand and Malaysia. Last week, Trump said in a cabinet meeting that Iran had allowed 10 boats of oil to sail through Hormuz as a goodwill gesture. He told the FT that number had been doubled, while Pakistan’s Foreign Minister Ishaq Dar separately said on X that Tehran agreed to let 20 more of its ships through the strait. The involvement of the Houthis presents a new risk for crude markets. The group effectively shut the Red Sea to most Western shippers after war in Gaza began in 2023, forcing vessels to reroute. Any threats to cargoes loaded via Saudi Arabia’s Yanbu port would further constrain supplies. Banks have been scrambling to calculate how the war — and prices — may evolve. Macquarie Group Ltd. said last week futures may hit $200 a barrel if the conflict drags on till June and Hormuz stays shut in a scenario with 40% odds.The Washington Post reported the Pentagon is preparing for weeks of ground operations in Iran, citing US officials, but senior administration staff, including Secretary of State Marco Rubio, have downplayed such a move. Separately, the Wall Street Journal reported that Trump was weighing a military operation to extract uranium from Iran, an option that was flagged earlier this month. The fallout from the war is rippling across the Asia-Pacific. South Korea may widen restrictions on driving to include the general public if prices breach $120 a barrel — the first such move since the 1991 Gulf War. Australia will halve its fuel excise for three months, while Vietnamese airlines will cut flights from April on concerns around jet fuel constraints and higher prices. Brent’s prompt spread points to acute concern about near-term supply in a backwardated, bullish pattern, with the front-month contract trading at a huge premium to the next. The gap was more than $7 a barrel on Monday, compared with little difference the week before the war broke out.Texas Supreme Court ends 2021 winter storm litigation against power generators
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