STORY: Oil prices extended gains on Monday (March 30), with Brent headed for a record monthly rise.
It's after Yemeni Houthis launched their first attacks on Israel over the weekend...
widening the U.S.-Israel war with Iran in the Middle East.
Brent crude futures jumped 3.5%, to $116 a barrel in early trade after settling 4.2% higher on Friday.
U.S. President Donald Trump said the U.S. and Iran have been meeting "directly and indirectly"...
and that Iran's new leaders have been, quote, "very reasonable".
That's as more U.S troops arrived in the region.
And the Israeli military said on Monday it is attacking the Iranian government's infrastructure throughout Tehran.
Brent has soared 59% this month, the steepest monthly jump.
It's exceeding gains seen during the 1990 Gulf War.
The conflict has effectively closed the Strait of Hormuz - a route for a fifth of the world's oil and gas supplies.
Data showed Saudi crude exports re-directed from the Strait of Hormuz to the Yanbu port in the Red Sea reached over four and a half million barrels per day last week.
JP Morgan analysts have said if exports from Yanbu were to be disrupted...
Saudi oil would need to pivot toward Egypt's Suez-Mediterranean pipeline to the Mediterranean.
