Oil prices extend gains as Trump threatens to escalate Mideast war, Iran targets Kuwaiti tanker
By Anniek Bao
Published on March 31, 2026.
Oil prices have risen as President Donald Trump threatens to escalate the Mideast war, with threats to target Iran's energy infrastructure and desalination plants. The West Texas Intermediate futures for May delivery also rose by 3.5% to $106.44 a barrel, on track for its biggest monthly surge since 2020. Meanwhile, Iran targets a Kuwaiti oil tanker in Dubai's port. The Iran-U.S. war has entered its fifth week with hostilities escalating across the region.
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