What the US-led Airstrikes on Yemen Will Mean for Oil Prices
- Bigger risk is if conflict spreads to Persian Gulf, ING warns
- WTI could top $75 and Brent could exceed $80, Westpac predicts
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The US and its allies launched airstrikes on more than a dozen Houthi targets in Yemen, in retaliation for a spate of attacks on merchant vessels in the Red Sea.
The attack represents a major escalation of tensions in the Middle East that have been simmering since the Hamas attack on Israel in early October. Brent jumped as much as 2.5% on fears there would be more disruption to shipping, and that the conflict could expand into a broader regional conflagration.