Reuters Morning Bid Fuel on the fire
Mar 30, 2026
Markets jitter as Middle East tensions push oil above $100 and shipping risks raise supply fears. G7 debates ways to shield consumers from soaring fuel costs. Early European inflation data could show how the energy shock is feeding through to prices.
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Houthis Join Conflict Tightens Oil Markets
- Middle East escalation sharply tightened oil markets and erased hopes of near-term de-escalation.
- Mike Dolan highlights Houthis joining attacks plus threats to Karg Island pushed Brent above $115 and three-month futures past $100, lifting prices across the curve.
Targeting Karg Island Raises Immediate Supply Risk
- Threats to Iran's export infrastructure magnify near-term supply risk and pushed benchmark prices sharply higher.
- Dolan cites comments about taking Karg Island and notes Brent at $115 with US crude above $100, driving record monthly gains.
Cut Fuel Duties To Shield Households
- G7 finance ministers will focus on reducing household and business fuel burdens via domestic measures.
- Mike Dolan expects discussions on cutting fuel duties and coordination, noting prior reserve releases had little market impact.