Price of oil hits $116 a barrel after Trump says he wants to ‘take the oil in Iran’

<p>Stock markets in Asia drop sharply, with investors nervous over escalation of Middle East conflict</p><ul><li><p><a href="https://www.theguardian.com/business/live/2026/mar/30/brent-crude-rises-trump-oil-iran-war-starmer-business-leaders-emergency-measures-rachel-reeves-g7-business-latest-news-updates">Business live – latest news</a></p></li></ul><p>The price of oil has risen sharply to $116 a barrel after Donald Trump said he wanted to “<a href="https://www.theguardian.com/world/live/2026/mar/30/iran-war-live-updates-trump-oil-kharg-island-houthis-israel-lebanon-middle-east">take the oil in Iran</a>”, sending Asian stock markets tumbling.</p><p>Brent crude, the international benchmark for oil, rose by 2% in early trading on Monday, after Trump said that he could seize <a href="https://www.theguardian.com/world/2026/mar/11/why-irans-vital-kharg-island-oil-hub-is-still-untouched-by-us-israel-bombers">the Iranian export hub of Kharg Island</a>.</p> <a href="https://www.theguardian.com/business/2026/mar/30/price-of-oil-trump-iran-stock-markets-middle-east">Continue reading...</a>