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Oil Prices Rise 4% ... Brent Exceeds $80 per Barrel


Fri 12 Jan 2024 | 08:19 PM
Taarek Refaat

Oil prices increased by more than 4 %, on Friday, with the United States and Britain launched strikes against Houthi military targets in Yemen, in response to the attacks by the Houthi group on ships in the Red Sea.

The U.S. and British strikes give indications of the possibility of escalating the war between Israel and the Hamas movement in the Middle East since October.

Witnesses in Yemen confirmed explosions throughout the country.

The US President, Joe Biden said that the precise strikes are a clear message that the United States and its partners will not stand still against attacks on individuals, and they will not allow "hostile authorities to endanger freedom of navigation."

Brent crude futures rose 4.03 % to $ 80.52 a barrel, while US West Texas Intermediate (WTI) rose 4.14 % to $ 74.97.