Oil Price Today (March 30): Oil jumps 3% to near $120 amid expectations of US ground offensive in Iran. What lies ahead?

March 30, 2026

Oil prices surged on Monday amid escalating Middle East tensions, with Brent crude nearing $120 per barrel. Concerns over a potential US ground offensive in Iran, Iran-aligned Houthis attacking Israel, and supply disruptions drove the rally. Analysts warn prices could hit $200 if the conflict prolongs, while $80 may become the near-term norm.

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