What the US-led Airstrikes on Yemen Will Mean for Oil Prices

 

• Bigger risk is if conflict spreads to Persian Gulf, ING warns
• WTI could top $75 and Brent could exceed $80, Westpac predicts

The US and its allies launched airstrikes on more than a dozen Houthi targets in Yemen, in retaliation for a spate of attacks on merchant vessels in the Red Sea.

The attack represents a major escalation of tensions in the Middle East that have been simmering since the Hamas attack on Israel in early October. Brent jumped as much as 2.5% on fears there would be more disruption to shipping, and that the conflict could expand into a broader regional conflagration.

https://www.bloomberg.com/news/articles/2024-01-12/what-the-us-led-airstrikes-on-yemen-likely-mean-for-oil-prices