March 30 (UPI) — The price of Brent crude oil topped $116 per barrel on Monday as the United States sent 3,500 troops to the Middle East one month after launching the war with Iran.
Brent crude oil passed the $116 mark early Monday morning, the highest it has been since the start of the war.
West Texas Intermediate oil reached $101 per barrel, a 1% increase. The average price of a gallon of regular gas in the United States hit $3.99, the highest it has been since 2022.
President Donald Trump claims that talks of a peace deal continue with Iran. Meanwhile, he deployed 3,500 additional U.S. troops to the Middle East over the weekend.
Trump said in an interview published by the Financial Times on Sunday that he could seize Kharg Island and “take the oil of Iran.” About 90% of Iran’s crude oil is transported through Kharg Island.
Iran’s parliament speaker, Mohammad Bagher Ghalibaf, warned the United States against a ground invasion on Sunday, saying “our men are waiting for American troops to enter on the ground, ready to unleash devastation upon them and punish their regional allies.”
Despite the president’s talks of coming to a peace deal, the Houthis entered the fray over the weekend, launching ballistic missiles at Israel. Their involvement raises concerns about closing off the Bab al-Mandab Strait, a key shipping passage to the Red Sea.
Iran’s control of the Strait of Hormuz has already had a massive impact on the oil trade. Crude oil prices are up more than 50% in March. Iran has effectively shut down the passage of vessels through the strait since the United States and Israel launched strikes on Iran on Feb. 28.
Trump told reporters on Air Force One on
Sunday that Iran will allow 20 oil tankers to pass through the Strait of Hormuz this week after allowing 10 to pass last week. Iran has not confirmed that this will take place.
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