World Oil Prices Jumped 3% Today as Escalating Tensions Rattled Global Markets

Jakarta, Pintu News – Oil prices surged more than 3% on Monday (30/3), pushing Brent crude through $116 per barrel. West Texas Intermediate (WTI), the US market benchmark, also rose to around $102 per barrel.

This latest increase comes as the United States and Israel’s war against Iran enters its fifth week, with no signs of abating.

Oil Price Rally Continues Fueled by War Escalation

A number of increasingly heated developments over the weekend helped fuel the surge in oil prices. President Donald Trump told the Financial Times that he may take over Kharg Island, a terminal that handles about 90% of Iran’s crude exports.

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The US president also struck a mixed tone regarding the path of diplomacy with Iran. He called himself “pretty confident” of reaching a deal with Iran, but acknowledged that negotiations could still fail at any time.

On the other hand, Iran’s Parliament Speaker warned that Tehran will “burn them” when American troops arrive, promising consequences for US allies in the region.

According to market analysts, this surge in oil prices is not over yet. They think that closing the Strait of Hormuz for a longer period could push crude oil prices even higher.

Bruce Kasman, JPMorgan’s chief global economist, said that a scenario where the Strait of Hormuz remains closed for an additional month would be in line with rising oil prices towards $150 per barrel, and trigger energy supply constraints for industrial consumers.

Bloomberg also reported that US officials and Wall Street analysts began discussing the possibility of crude oil prices reaching $200 per barrel.

Asian stocks plummet, crypto takes a hit

The turmoil in the energy market also spread to the Asian region. Google Finance data shows that Japan’s Nikkei 225 index fell more than 4.5%, while South Korea’s KOSPI lost more than 4.3% as import-dependent economies re-adjusted market risks.

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This volatility also spilled over into the crypto market, with asset prices briefly dropping in the morning before recovering.

Lookonchain reported that the market had experienced a sharp correction, with ETH dropping below $1,940 and BTC slipping below $65,000.

Oil prices holding above $100 per barrel continued to pressure risk assets as it reinforced inflation expectations and delayed market hopes of an interest rate cut by the Federal Reserve.

CVXON: Tokenization of Oil Company Shares

As blockchain technology develops, assets that were previously associated with traditional commodity markets are now starting to appear in digital format, including assets related to the energy sector and oil prices.

One relevant example in this context is Chevron (CVXON). As a global energy company, Chevron’s business activities span the entire value chain of the oil and gas industry, from upstream exploration and production to refining, distribution, marketing, transportation, petrochemicals and power development.

In the blockchain ecosystem, exposure to Chevron is now also available through CVXON (Chevron Tokenized Stock), a tokenized digital representation of Chevron Corporation shares issued by Ondo Finance. Through this asset, investors, especially outside the United States, can gain access to Chevron’s stock price movements.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Oil Rose 3% to Open the Week: Here’s What Moved the Market on Monday. Accessed on March 30, 2026