Brent crude closes higher, posts biggest-ever monthly gain

Oil drilling rigs

Oil prices were mixed at the close of trading today, March 31, with global benchmark Brent crude recording its biggest monthly gain in history after Strait of Hormuz closure disrupted global supply.

Brent crude futures for May delivery (expired today) rose 4.94% or $5.57 to $118.35 a barrel, posting an all-time high monthly gain of 63.28%.

In contrast, WTI crude oil futures for May delivery fell 1.46% or $1.50 to $101.38, but jumped 51.27% over the course of March.

In terms of quarterly performance, Brent crude futures soared 94.50% during the first quarter of this year, while their counterparts for US crude jumped by 76.55%.

The drop in the price of US oil came against the backdrop of Iranian President Masoud Pezeshkian expressing his country's readiness to end the war on the condition of obtaining security guarantees, stressing that any such decision would be made based on Tehran's circumstances and national interests.

On the other hand, US President Donald Trump confirmed that he believes the war with Iran will end soon, after press reports indicated his readiness to end the conflict even if the Strait of Hormuz remains largely closed.