Oil prices rise after US strikes on Yemen

The cost of contracts for March deliveries of the benchmark North Sea Brent oil rose by 2.7 percent after overnight strikes by US and British troops on Houthi bases in Yemen and reached $78.9 per barrel. About it testify London ICE trading data.

Quotations for April commodity contracts, in turn, increased by 2.73 percent, to $78.54 per barrel. The cost of May futures showed similar dynamics and increased by 2.68 percent, to $78.28, and June futures – by 2.64 percent, to $78.03.

Analysts attribute such dynamics to a number of factors. However, one of the key catalysts for rising prices, according to experts, was a massive night attack by Western troops on the positions of Yemeni rebels from the Ansar Allah paramilitary group. The reason for it was the ongoing incidents of rocket attacks on merchant ships in the Red Sea. Analysts believethat during January 12, oil exchange prices may rise another couple of dollars per barrel, depending on the scale of the escalation of hostilities in Yemen.

In response to attacks by US and British troops on Yemen, the Ministry of Foreign Affairs (MFA) of the Middle Eastern country promised to take revenge on the West for the massive attack on Houthi positions. Deputy minister Hussein al-Ezzi said London and Washington would have to “pay a heavy price” for the consequences of the overnight aggression.