Oil Prices Surge Following US, UK Airstrikes on Yemen
TEHRAN (Tasnim) - Crude oil prices experienced a more than 2% increase on Friday after the United States and the United Kingdom conducted a series of strikes on targets in Yemen.
Global benchmark Brent futures saw a 2.48% rise, reaching $79.33 per barrel around 10:00 GMT. The US benchmark WTI also increased by 2.79%, reaching approximately $74 per barrel, according to RT.
Both benchmarks built on gains of nearly 1% from the previous trading session, indicating a second consecutive weekly rise.
Yemeni spokesman Abdulsalam Jahaf asserted on Friday that Washington and London had initiated attacks on Yemen, targeting cities such as Sanaa and Hudaydah. US President Joe Biden confirmed the strikes, attributing them to Yemen’s attacks on commercial vessels in the Red Sea.
In a statement, President Biden emphasized, "These targeted strikes are a clear message that the United States and our partners will not tolerate attacks on our personnel or allow hostile actors to imperil freedom of navigation in one of the world’s most critical commercial routes."
The Yemeni military have been targeting Israeli-owned cargo ships in the Red Sea since October, expressing support for the Palestinian civilians who are being killed under the Israeli bombardment of Gaza.
With global shipping giants redirecting vessels away from the Red Sea, opting for the longer route around the Cape of Good Hope at the southern tip of Africa, container freight rates have surged, impacting the key Asia-to-Europe trade route, accounting for nearly 15% of global shipping traffic.
