Brent crude hits $116 a barrel as Trump threatens to ‘blow up’ Iran’s oilwells and export hub

Brent spiked to $116.89/bbl, briefly nearing $117, after Trump threatened to destroy Iranian power plants, oil wells and Kharg Island if no deal is reached and the Strait of Hormuz remains closed. The move keeps crude on track for its biggest monthly gain on record in March, up 54%, underscoring how quickly Middle East escalation is feeding global inflation risk and broad risk-off hedging demand. Powell said the Fed is in a “good place” to wait and see how the war’s economic fallout develops, but highlighted the policy tension between a weaker labor market and higher inflation. That combination is supportive for safe-haven complex bids, even though this piece does not discuss gold directly; the key macro channel is higher energy prices lifting inflation expectations and complicating rate-cut timing. Near term, the market focus is on whether the conflict broadens further, any reopening of Hormuz-related flows, and whether oil can sustain the break above the prior February war highs near $119.50/bbl. For precious metals, the setup is mildly constructive on geopolitics and inflation, but the absence of direct gold/silver pricing or flow data limits tradeability for the desk beyond the macro hedge narrative.