Skip to main content

Brent crude rises above $79 again as UK and US launch military action

Oil prices fell back yesterday evening, after earlier rising ahead of the European close. The break above $78.50 in Brent had delivered a move to just above $79 prior to that, but it could not hold the gain and slipped back into the daily NYMEX settlement. Brent for March delivery later ended that session, $0.61 higher, at $77.41. However, the news that has broken overnight has sent it higher again. That is because the UK and the US have stuck Houthi targets in Yemen and that has sent oil prices higher since last night. Brent has lifted above $79 again as fresh concerns about a further escalation in this situation and further potential supply shocks send oil prices higher. Brent has traded to a high at $79.35 earlier today. It has backed off from that high now, but it could spike again, depending on what fresh news emerges from the Middle East today. Brent for March delivery is currently trading at $79.01 

Ready to Get Started?

Start here. Join 2.9M Libertex users around the world!