More than 2% increase in oil prices after US and UK attacks in Yemen

More than 2% increase in oil prices after US and UK attacks in Yemen

More than 2% increase in oil prices after US and UK attacks in Yemen

By 0154 GMT, U.S. West Texas Intermediate oil futures were up $1.80, or 2.5 percent, at $73.82, while Brent crude futures were up $1.81, or 2.3%, at $79.22 a barrel.

As the United States and Britain conducted strikes on Houthi military targets in Yemen in response to assaults on ships in the Red Sea by the Iran-backed group since late last year, oil prices increased by more than 2% on Friday.

By 0154 GMT, U.S. West Texas Intermediate oil futures were up $1.80, or 2.5 percent, at $73.82, while Brent crude futures were up $1.81, or 2.3%, at $79.22 a barrel.

One of the most striking examples of how the Israel-Hamas conflict has spread across the Middle East since it started in October is the strike carried out by the United States and Great Britain. Explosions throughout Yemen were verified by eyewitnesses.

The "targeted attacks" sent a strong message to the US and its allies that they would not accept attacks on US people or "allow hostile actors to threaten freedom of navigation," according to US President Joe Biden.

He added that the operation has the assistance of Australia, Bahrain, Canada, and the Netherlands.

Around 15% of all maritime traffic worldwide travels along the crucial route between Europe and Asia, which has been hampered by Houthi strikes in the Red Sea.

In an effort to aid Hamas, the militant Palestinian organization, in its conflict with Israel, the Houthis have been attacking commercial ships in the Red Sea since October.

The massive shipping company Maersk issued a warning to clients on Thursday, stating that it will be diverting all of its ships out of the Red Sea for the foreseeable future.

The US-led operations are in response to Iran capturing a tanker carrying Iraqi petroleum that was headed for Turkey on Thursday. The US had already taken control of the same ship and its cargo last year. This seizure has been denounced by the White House.

The Bab al-Mandab Strait in the Arabian Peninsula's southwest is the focal point of Houthi assaults. The Iranian territory was situated near the Strait of Hormuz, which separates Iran and Oman.