You are here

Oil prices surge after Saudi air strikes in Yemen

Military operation raises concerns about security of Middle East shipments

While the strikes have not yet disrupted major oil facilities of key Gulf producers, such as Saudi Arabia, there are concerns that the conflict might widen.


BRENT crude oil soared more than 4 per cent towards US$59 a barrel on Thursday after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen, which sits on a key shipping passage between Europe and the Arab Gulf.

The air strikes against Houthi rebels, who