Brent crude hits $116 a barrel as Trump threatens to ‘blow up' Iran's oil wells and export hub

Oil Market Impact - The price of Brent crude oil reached nearly $117 a barrel, influenced by Donald Trump's threats against Iran, including potential military actions against its oil infrastructure [1][2] - Oil prices rose by 2% to $116.89 a barrel before slightly dipping to $112, remaining close to the highest level of $119.50 since the US-Israel conflict began on February 28 [4][10] - Analysts noted that the ongoing conflict has led to a historic increase in oil prices, with Brent crude poised for its largest monthly gain ever in March, up by 54% [7] Global Economic Reactions - European stock markets showed slight increases, with the European Stoxx 600 index rising by 0.9% and the UK's FTSE 100 up by 1.6% [4] - In Asia, stock markets experienced sharp declines prior to Trump's statements, with Japan's Nikkei falling by 2.8% and South Korea's Kospi dropping by 3% [5] Energy Prices and Supply Concerns - Natural gas prices in Europe increased slightly, with Dutch month-ahead futures rising by 1% to €54.70 per megawatt-hour [5] - The UK has seen average petrol prices rise to 152p per litre, the highest in 28 months, and diesel prices reached 181.2p per litre, the highest since December 2022 [8] Strategic Discussions - UK Prime Minister Keir Starmer was set to meet with executives from major energy companies, including Shell and BP, to discuss emergency measures in response to the Middle East crisis [9] - The chancellor of the UK is expected to urge G7 nations to accelerate clean energy initiatives to mitigate the impact of global oil and gas price shocks [12]