Sun. Sep 8th, 2024

Oil prices rose more than 2 percent on Friday as the United States and Britain launched strikes against Houthi military targets in Yemen in response to the group’s attacks on Red Sea ships since late last year.

Brent crude futures rose $1.81, or 2.3 percent, to $79.22 a barrel, while U.S. West Texas Intermediate crude rose $1.80, or 2.5 percent, to $73.82 by 0154 GMT.

The U.S. and British strikes are one of the most dramatic signs yet of the breadth of Israel’s war on the Gaza Strip since it erupted in October.

U.S. President Joe Biden said the precision strikes were a clear message that the United States and its partners would not stand idly by in the face of attacks on individuals and would not allow hostile actors to jeopardize freedom of navigation.

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