US-led Strikes in Yemen Spark Oil Price Surge Amid Renewed Supply Concerns

Published on January 12, 2024

Crude oil prices rallied after the United States led air strikes against the Iranian-backed Houthi rebels in Yemen in retaliation for attacks on ships in the Red Sea. West Texas Intermediate (WTI) crude futures surged as much as 4.2 percent to above $75 per barrel on the New York Mercantile Exchange. Brent, the international benchmark for oil prices, also advanced 4 percent to top $80 a barrel on ICE Futures Europe. Other energy commodities popped on the news, including natural gas, climbing close to 3 percent. As part of efforts to deter additional attacks on vessels in the Red Sea, U.S. and British forces initiated joint strikes on a dozen targets in Yemen used by the Houthis. The region is a vital shipping route for petroleum products from the Persian Gulf to the U.S. and Europe....

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