[MARKET UPDATE] Oil prices extend on gains with WTI crude up around 3% after further upside was on reports that Iran targeted a Kuwaiti crude carrier in Dubai port

The uptick in oil prices is primarily driven by geopolitical tensions, specifically the reported targeting of a Kuwaiti crude carrier by Iran, heightening supply risk in the region.

Newsquawk StaffPublished 30 Mar 2026, 23:23 UTCOn the live feed at 23:03 UTC — 3 more headlines followed before this page went public

Newsquawk headlinesUTC

23:11

Saudi Ministry of Defence announces interception and destruction of four ballistic missiles launched towards the Riyadh region

23:10

Kuwait's army reports air defences intercepting hostile missile and drone attacks

23:03

[MARKET UPDATE] Oil prices extend on gains with WTI crude up around 3% after further upside was on reports that Iran targeted a Kuwaiti crude carrier in Dubai port

23:01

UK BRC Shop Price Inflation (Mar) 1.2% vs. Exp. 1.3% (Prev. 1.1%)

23:00

Korea (Republic of) Retail Sales MoM (Feb) M/M 0.0% (Prev. 2.3%)

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Context

This incident could signal increased volatility in the oil market, potentially impacting WTI and Brent prices further amidst existing concerns over supply disruptions. Traders should monitor geopolitical developments closely, as they may influence commodity flows and broader risk sentiment.

Energy · last 90 days

Recent headlines that moved markets

ENERGY/8 Sept · 05:23 UTC

Saudi Energy Minister says a number of energy facilities and utilities were hit; are temporarily halting some operations.

Brent Nov'26, after we published+1.0%

Steady upside of around 1% was seen across the crude complex following this update.

ENERGY/3 Sept · 08:03 UTC

Russian President Putin says that Russia and Ukraine should agree first; he notes that there is an opportunity to reach a peace agreement.

with Brent Nov, after we published−1.3%

ENERGY/1 Sept · 16:17 UTC

Initial reports of an American attack on Iran, reports i24's Stein.

- Brent (V6), after we published+1.2%

ENERGY/27 Aug · 17:46 UTC

The Trump administration has repeatedly told mediators it has no interest in going back to the terms of the MoU it reached with Iran in June, reports WSJ citing sources

Brent crude, after we published+1.4%

ENERGY/25 Aug · 19:26 UTC

A ceasefire between the US and Iran has been agreed upon, it includes free navigation in the Strait of Hormuz and will be announced in the coming days, reports Ria citing Pakistani and Iranian sources

Brent crude, after we published−2.4%

ENERGY/8 Sept · 19:59 UTC

IRGC says in light of the evils of the US army in targeting several oil tankers of Iran, we warn all oil tanker crews in the Kuwaiti and Bahraini ports, they will be targeted, Tasnim reports.

Brent crude, after we published+0.5%

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