{"id":60390,"date":"2026-03-31T15:38:34","date_gmt":"2026-03-31T19:38:34","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/oil-prices-surge-to-118-as-strikes-hit-iranian-nuclear-and-port-facilities-us-deploys-third-carrier\/60390\/"},"modified":"2026-03-31T15:38:34","modified_gmt":"2026-03-31T19:38:34","slug":"oil-prices-surge-to-118-as-strikes-hit-iranian-nuclear-and-port-facilities-us-deploys-third-carrier","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-prices-surge-to-118-as-strikes-hit-iranian-nuclear-and-port-facilities-us-deploys-third-carrier\/60390\/","title":{"rendered":"Oil Prices Surge to $118 as Strikes Hit Iranian Nuclear and Port Facilities; US Deploys Third Carrier"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Brent Crude futures<\/strong> surged <strong>4.94%<\/strong> to settle at <strong>$118.35 per barrel<\/strong>, marking a record quarterly gain as military escalations in Iran threaten global energy supplies.<\/li>\n<li><strong>Heavy shelling<\/strong> was reported at the <strong>Natanz nuclear facility<\/strong> and the <strong>Haqqani dock in Bandar Abbas<\/strong>, significantly intensifying the ongoing conflict between the U.S.-Israeli coalition and Iran.<\/li>\n<li>The <strong>U.S. Navy<\/strong> has deployed the <strong>USS George H.W. Bush<\/strong>, bringing the total number of American aircraft carriers in the Middle East to three to bolster regional security.<\/li>\n<li><strong>Federal Reserve Governor Michael Barr<\/strong> outlined the implementation of the <strong>GENIUS Act of 2025<\/strong>, warning of liquidity risks in <strong>stablecoin<\/strong> reserve assets amid broader market volatility.<\/li>\n<li><strong>Zambia<\/strong> has approved a <strong>three-month suspension of VAT and excise duties<\/strong> on fuel imports starting April 1 to mitigate the economic impact of skyrocketing energy costs.<\/li>\n<\/ul>\n<p><strong>Brent Crude<\/strong> (<a href=\"\/stock\/BRENT\">BRENT<\/a>) prices skyrocketed on Tuesday, settling at <strong>$118.35 per barrel<\/strong> after a daily gain of <strong>$5.57 or 4.94%<\/strong>. This surge follows reports from <em>Al-Hadath<\/em> of heavy shelling on the <strong>Natanz nuclear facility<\/strong> in central Iran and the bombing of the <strong>Haqqani dock<\/strong> in the southern port of <strong>Bandar Abbas<\/strong>. The market reaction underscores deep-seated fears regarding the stability of the <strong>Strait of Hormuz<\/strong> and the potential for a total disruption of Persian Gulf oil exports.<\/p>\n<p>The <strong>Wall Street Journal<\/strong> (@WSJ) confirmed that the <strong>United States<\/strong> has deployed a <strong>third aircraft carrier<\/strong> to the Middle East, a move that signals a massive buildup of naval power. The <strong>USS George H.W. Bush<\/strong> joins the <strong>USS Gerald R. Ford<\/strong> and <strong>USS Abraham Lincoln<\/strong> already in the region, creating a concentration of firepower not seen in decades. Defense contractors like Lockheed Martin (<a href=\"\/stock\/LMT\">LMT<\/a>) and Northrop Grumman (<a href=\"\/stock\/NOC\">NOC<\/a>) are being closely watched as the Pentagon prepares for a potentially protracted engagement.<\/p>\n<p>On the diplomatic front, <strong>Pope Leo XIV<\/strong> issued a heartfelt plea for an &quot;off-ramp&quot; to the conflict, expressing hope that hostilities could end before <strong>Easter on April 5<\/strong>. The Pope lamented the loss of innocent lives and urged <strong>President Donald <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a><\/strong> to seek a diplomatic resolution. Meanwhile, the <strong>Syrian President<\/strong> stated that Syria will not be involved in the war unless it is subjected to direct aggression, emphasizing that a diplomatic solution remains his preferred path.<\/p>\n<p>In a notable shift in rhetoric, <strong>President <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a><\/strong> reportedly declined to criticize a new peace initiative proposed by <strong>China and Pakistan<\/strong>. According to reporter <strong>Barak Ravid<\/strong>, Trump noted that &quot;negotiations&quot; are ongoing, suggesting a possible opening for third-party mediation. This comes as global leaders face mounting pressure to stabilize energy markets and prevent the conflict from spiraling into a global economic depression.<\/p>\n<p>Domestically, <strong>Federal Reserve Governor Michael Barr<\/strong> addressed the <strong>Federalist Society<\/strong> regarding the regulation of <strong><a href=\"https:\/\/stockmarketwatch.com\/market-trends\/stablecoins\/2025-report\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Stablecoins\">stablecoins<\/a><\/strong> under the <strong>GENIUS Act of 2025<\/strong>. Barr warned that the quality and liquidity of reserve assets are critical to financial stability, noting that issuers may be tempted to &quot;extend the risk spectrum&quot; to maximize returns. Major financial institutions like JPMorgan Chase (<a href=\"\/stock\/JPM\">JPM<\/a>) and Goldman Sachs (<a href=\"\/stock\/GS\">GS<\/a>) are monitoring these regulatory developments as digital assets become increasingly integrated into the global payment system.<\/p>\n<p>The economic fallout of the war is already being felt in emerging markets, prompting emergency fiscal measures. The <strong>Zambian Cabinet<\/strong> announced it will <strong>zero-rate VAT<\/strong> and suspend <strong>excise duties<\/strong> on petrol and diesel imports for three months effective April 1. This move is intended to shield the local economy from the <strong>$118+ oil environment<\/strong>, which has already begun to drive up transportation and manufacturing costs across the African continent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Brent Crude futures surged 4.94% to settle at $118.35 per barrel, marking a record quarterly gain as military [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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