{"id":60356,"date":"2026-03-30T19:38:21","date_gmt":"2026-03-30T23:38:21","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/oil-surges-past-105-amid-middle-east-conflict-rba-bans-card-surcharges\/60356\/"},"modified":"2026-03-30T19:38:21","modified_gmt":"2026-03-30T23:38:21","slug":"oil-surges-past-105-amid-middle-east-conflict-rba-bans-card-surcharges","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-surges-past-105-amid-middle-east-conflict-rba-bans-card-surcharges\/60356\/","title":{"rendered":"Oil Surges Past $105 Amid Middle East Conflict; RBA Bans Card Surcharges"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>US Crude <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">oil prices<\/a> jumped 2.9% to $105.91\/bbl<\/strong> following an Iranian attack on a tanker at Dubai port and missile interceptions over Saudi Arabia.<\/li>\n<li><strong>The Reserve Bank of Australia (RBA)<\/strong> announced a total ban on card surcharges for <strong>Mastercard (<a href=\"\/stock\/MA\">MA<\/a>)<\/strong>, <strong>Visa (<a href=\"\/stock\/V\">V<\/a>)<\/strong>, and EFTPOS, effective October 2026.<\/li>\n<li><strong>Saudi Arabia\u2019s Defence Ministry<\/strong> successfully intercepted <strong>three ballistic missiles<\/strong> targeting the Riyadh province, heightening regional security concerns.<\/li>\n<li><strong>UK shop price inflation<\/strong> slowed to <strong>1.2%<\/strong> in March, coming in below analyst expectations of 1.3%.<\/li>\n<li><strong><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold prices<\/a> stabilized<\/strong> as Federal Reserve Chair Jerome Powell signaled that long-term inflation remains &quot;in check&quot; despite global volatility.<\/li>\n<\/ul>\n<h2>Middle East Tensions Trigger Energy Market Surge<\/h2>\n<p>Global energy markets reacted sharply to escalating hostilities in the Middle East as <strong>US Crude<\/strong> jumped over <strong>$3 per barrel<\/strong> to reach <strong>$105.91<\/strong>. The spike followed reports of an Iranian attack on the tanker <em>Al-Salmi<\/em> at <strong>Dubai Port<\/strong>, which resulted in a fire and prompted warnings from <strong>Kuwait<\/strong> regarding a potential major oil spill in regional waters.<\/p>\n<p>Adding to the instability, the <strong>Saudi Defence Ministry<\/strong> confirmed it shot down <strong>three ballistic missiles<\/strong> fired toward the <strong>Riyadh<\/strong> province. While no casualties were reported in the tanker attack or the missile interceptions, the proximity of the strikes to critical shipping hubs has sparked fears of prolonged supply chain disruptions.<\/p>\n<h2>RBA Overhauls Payment Systems; ASX 200 Dips<\/h2>\n<p>The <strong>Reserve Bank of Australia (RBA)<\/strong> unveiled a sweeping reform of the domestic payment landscape, announcing a ban on card surcharges for <strong>Mastercard (<a href=\"\/stock\/MA\">MA<\/a>)<\/strong>, <strong>Visa (<a href=\"\/stock\/V\">V<\/a>)<\/strong>, and <strong>EFTPOS<\/strong> networks. The central bank expects these measures to save consumers <strong>A$1.6 billion<\/strong> annually and reduce business costs by <strong>A$900 million<\/strong> by ensuring the &quot;sticker price&quot; is the final price paid.<\/p>\n<p>The reforms are scheduled to begin on <strong>October 1, 2026<\/strong>, with additional caps on foreign card fees effective in <strong>April 2027<\/strong>. Despite the consumer-friendly news, <strong>Australia\u2019s S&amp;P\/ASX 200<\/strong> fell <strong>0.2%<\/strong> to <strong>8,447.50<\/strong> in early trade, reflecting broader investor caution regarding geopolitical risks.<\/p>\n<h2>US Defense and Legislative Developments<\/h2>\n<p>In the United States, <strong>Defence Secretary Pete Hegseth<\/strong> is facing scrutiny following a <em>Financial Times<\/em> report alleging a broker explored investments in a defense fund on his behalf prior to recent strikes on Iran. The report adds a layer of political complexity to the ongoing military operations in the Middle East.<\/p>\n<p>On the legislative front, <strong>Republican senators<\/strong> introduced a bill aimed at securing the domestic digital asset infrastructure. The proposed law would prohibit <strong>US crypto mining companies<\/strong> from utilizing hardware or equipment tied to <strong>China<\/strong> or other foreign adversaries, citing national security concerns.<\/p>\n<h2>Global Inflation and Commodity Outlook<\/h2>\n<p><strong>Gold<\/strong> prices remained steady during late trading as investors processed commentary from <strong>Federal Reserve Chair Jerome Powell<\/strong>. <em>Powell&#39;s assurance that long-term inflation expectations remain anchored<\/em> helped offset the safe-haven demand typically triggered by Middle East conflict.<\/p>\n<p>In the United Kingdom, the <strong>BRC Shop Price Index<\/strong> for March rose <strong>1.2%<\/strong> year-over-year. This figure was slightly lower than the <strong>1.3%<\/strong> forecast, suggesting that <em>disinflationary trends in the retail sector may be more persistent than previously anticipated<\/em>, even as energy costs begin to climb globally.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways US Crude oil prices jumped 2.9% to $105.91\/bbl following an Iranian attack on a tanker at Dubai port 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