Saudi Arabia’s Yemen operation drives oil prices up
Airstrikes launched by Saudi Arabia and its allies reportedly led to concerns that the recent conflict in Yemen, which is located along an important international shipping route for global energy producers, may disrupt oil shipments, especially to Europe, as Yemen reportedly shut its seaports following the recent military operations. Concern that the conflict in Yemen might potentially widen into the broader region also contributed to the rally in oil prices.
Media sources commented that the oil facilities of major producers have yet to be affected by the conflict in Yemen.
OPEC member Iran, meanwhile, has voiced objections to Saudi Arabia’s recent operations in Yemen and called for an immediate halt to all military interventions in the country.
On March 25, ICE May Brent crude was up $1.37 to settle at $56.48/barrel while NYMEX May crude was up $1.70 to settle at $49.21/barrel. During the intraday trading, crude oil prices on the NYMEX climbed to $51.31/barrel while Brent oil prices increased to $58.90/barrel.
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