Bloomberg News Now March 30, 2026: Iran Hits Oil Tanker in Kuwait, WSJ: Trump Willing to End War, More
Mar 31, 2026
A Kuwaiti oil tanker was struck near Dubai, sparking rapid crude price moves and market volatility. Reports suggest a U.S. plan to scale back military action after degrading Iran's capabilities. Analysis warns that sharp commodity spikes can quickly reverse. Political friction emerges over NATO support and domestic funding fights as leaders debate DHS and TSA pay. Sports and corporate earnings also make headlines.
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Oil Prices Spiked Then Cooled After Conflicting News
- Iran struck a Kuwaiti oil tanker near Dubai, triggering an immediate 4% jump in WTI and Brent crude prices.
- The Wall Street Journal later reported President Trump was willing to end U.S. military action against Iran, which pushed prices down about 1% as markets weighed a shorter conflict timeline.
Rapid Oil Spikes Tend To Reverse
- Bloomberg Intelligence's Mike McGlone warned that rapid oil spikes often reverse, citing the 2008 peak-to-crash as a parallel.
- He projects WTI futures nearer $50 than $100 by midterms if the current volatility persists.
Americans Fear Higher Gasoline Prices
- A new poll finds 65% of Americans fear gasoline prices will keep rising, reflecting consumer concern about household budgets.
- AAA reported the U.S. average retail gasoline price at $3.99 a gallon as of Sunday.