NEW YORK: Bench­mark oil prices extended gains on Monday, as a major Wall Street index and European shares advanced in choppy trade and investors focused on a Gulf conflict that they fear will drive inflation and raise the risk of recession across the globe.

US Treasury prices rose, with yields declining across the curve as mounting global growth concerns eclipsed inflation worries. Investors have grown increasingly uneasy about a war entering its fifth week with no clear path to resolution.

Brent crude futures rose to $113.17 per barrel, up 0.53 per cent on the day, as US crude surged 3.41pc to $103.04.

On Wall Street, the Dow Jones Industrial Average rose 0.34pc to 45,322.44. The S&P 500 retreated 0.21pc to 6,354.87 and the Nasdaq Composite fell 0.55pc to 20,832.24.

After a weak open, the pan-European STOXX 600 rose and Europe’s broad FTSEurofirst 300 index also advanced.

Oil is the lightning rod right now, said Eren Osman, managing director of wealth management at Arbuthnot Latham, adding that a reopening of the Strait of Hormuz was the key to calming world markets.

The biggest challenge for us as investors today is that you’ve got one of the widest ranges of potential outcomes, he said, adding he did not expect a prolonged conflict as he believed Trump had a “pain threshold” for market losses.

Published in Dawn, March 31st, 2026