Crude Surges to Three-Year High as Saudi-Yemen Conflict Heats Up
- Middle East tensions divert attention from metals-led rout
- Senior Houthi leader killed; Saudis intercept missiles
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Crude surged as strife in the Mideast region that’s home to almost half the world’s oil worsened.
Futures in New York settled at their highest since December 2014, erasing earlier losses and nearing $69 a barrel, after Iranian-backed Houthis in Yemen launched unsuccessful missile attacks against Saudi Arabia, while kingdom-led forces killed a senior leader of the rebel group. The flare-up countered a slump in commodities after the U.S. softened its position on sanctions against Russian aluminum giant United Co. Rusal.