Oil jumps above $80 amid fears of broader Red Sea conflict

Oil prices jumped past $80 per barrel Friday for the first time this year as violence in the Red Sea prompted more vessels to change course and sparked new fears of broader disruption.

Prices for international benchmark Brent crude and U.S.-based West Texas Intermediate each jumped by more than 4%, rising as high as $80.57 per barrel and $75.07 per barrel, respectively. 

The price hikes come after the United States and Britain conducted a string of targeted airstrikes against Houthi sites in Yemen Thursday as retaliation for weeks of violence staged by rebels on ships attempting to pass through the Suez Canal, a key international waypoint for oil and liquefied natural gas shipments traveling from the Persian Gulf to Europe and North America.

“These targeted strikes are a clear message that the United States and our partners will not tolerate attacks on our personnel or
Read more…

Please follow and like us: