Oil Rises as Strikes Against Houthis Raise Middle East Risks
- Iran-backed militant group had been attacking ships in Red Sea
- Brent rises above $80 before paring gains as equities fade
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Oil rose after the US and its allies launched airstrikes against Houthi rebels in Yemen, retaliating for attacks on ships in the Red Sea that have imperiled flows of fuel and goods through the vital waterway.
Brent climbed 1.1% to settle above $78 a barrel, while West Texas Intermediate advanced to settle above $72 a barrel. Prices spiked even higher early in the session before paring gains alongside equities as investors gauged whether the escalation will spark a broader conflict in the Middle East.