Brent crude shot higher in late March after Strait of Hormuz disruptions and Iran-backed attacks pushed a sharp geopolitical premium into prices. A historic intra-day swing and a 400-million-barrel IEA release have left traders managing extreme volatility and uncertain supply flows.

Brent crude jumped above $119 this week after renewed Iranian strikes on Gulf energy infrastructure and ongoing Strait of Hormuz disruptions. Temporary relief from a Ras Tanura restart has been outweighed by supply‑risk premium, prompting volatility, strategic reserve talk from G7 governments, and trading implications for producers and hedgers.

Brent crude surged past $100 this week as escalating Iran-related conflict and threats to the Strait of Hormuz injected a substantial risk premium into oil prices. A coordinated 400-million-barrel IEA release tempered but did not reverse gains, leaving volatility high and investment strategies focused on hedging, shipping security, and reserve-management developments.

Brent crude rallied sharply this week after the Strait of Hormuz was effectively closed by conflict tied to Iran, pushing prices past $100 and triggering extreme intraday volatility. The supply shock has immediate implications for fuel costs, inflation, shipping routes and investor hedging strategies.

Last week Brent crude traded in a tight $67–$70 band as progress in U.S.–Iran negotiations reduced the geopolitical premium, while earlier tanker-seizure headlines and fresh Venezuelan flows into the U.S. pushed prices higher and widened the WTI–Brent spread.

Brent crude eased this week after renewed U.S.–Iran diplomatic engagement removed a key geopolitical risk premium. Prices swung between roughly $67.5 and $70/bbl, with a mid-week drop on confirmation of talks and a modest rebound as diplomacy continued. For traders and investors, the episode highlights how headline diplomacy can quickly erase risk premia and why short-term positioning should prioritize event-driven volatility and clear risk management.