00:00Brent crude surged past $116 a barrel Monday after Trump says he wants to seize Iran's oil,
00:07including potentially taking control of Karg Island,
00:10while Iran-backed Houthi rebels in Yemen opened a new front by launching strikes against Israel.
00:16Oil prices have now surged more than 50 percent in March alone,
00:20with analysts warning that Brent could hit $200 a barrel
00:24and U.S. gasoline could reach $7 per gallon if the conflict extends through June.
00:29Despite the escalation, Trump said negotiations with Iran are going very well,
00:34with Tehran reportedly agreeing to most of Washington's 15-point demands.
00:39And foreign ministries from Pakistan, Saudi Arabia, Egypt and Turkey are working to broker a resolution.
00:45Markets are rattled nonetheless, with the S&P 500 logging its fifth consecutive week of losses,
00:51its longest losing streak since 2022, as investors price at the risk of a prolonged conflict.
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