Oil prices are climbing today, with Brent (OIL) and WTI (OIL.WTI) trading around 3% higher on the day. The move higher is driven by another escalation in the Middle East. US and UK air force, with a non-operational support from a number of other countries, conducted airstrikes against military targets in Yemen linked to Iran-backed Houthi. Strikes were carried in retaliation for Houthi attack on commercial ships in the Red Sea.
US and UK authorities said that strikes have diminished Houthi's ability to conduct hostile actions against trade in the Red Sea. However, Houthi have already said that they will not stop and that now all US and UK interest are legitimate targets. Direct military action against Houthi in Yemen is a big escalation and there is a high risk that situation will continue to escalate and may threaten stability in the key oil producing region.
OIL trades 3% higher today. Price broke above the $80 resistance zone and trades at the highest level since December 27, 2023. Recent, continued weakness in oil in spite of Middle East tensions has been somewhat puzzling, but with the recent escalation, markets are adjusting to a risk of much bigger supply disruptions.
Source: xStation5
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