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The Guardian - UK
The Guardian - UK
Business
Graeme Wearden

Oil on track for record monthly surge as Iran war disrupts markets

Oil Iran Gold Donald Trump
Locals take photos of two bulk carriers anchored at Muscat Muscat, Oman
Oil tankers anchored off Muscat, Oman, after Iran all but closed the strait of Hormuz. Photograph: Elke Scholiers/Getty

The Brent crude oil price is on track for its biggest monthly gain on record in March after the Iran war caused mayhem in the markets.

Brent crude, the international benchmark, has climbed by 51% since the start of March, LSEG data shows, beating the previous monthly record of 46% in September 1990 after Saddam Hussein invaded Kuwait, leading to the first Gulf war.

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