Escalation in the Red Sea jumps oil by 4% and Brent above $80

 Oil prices rose by more than 4 percent on Friday, as the United States and Britain launched strikes against military targets of the Houthis in Yemen, in response to the attacks carried out by the Houthi group on ships in the Red Sea. The US and British strikes are one of the most indicative of the possibility of a wider war between Israel and Hamas in the Middle East since its outbreak in October

Witnesses in Yemen confirmed explosions in parts of the country

US President Joe Biden said the precision strikes are a clear message that the United States and its partners will not stand idly by as individuals are attacked, and that they will not allow “hostile parties to endanger freedom of navigation”

The attacks led by the United States came after Iran seized a tanker carrying Iraqi oil that was on its way to Turkey on Thursday, in response to the US seizure of oil carried by the same tanker last year. The United States condemned Iran’s seizure of the oil tanker

Price movements

Brent crude futures rose $3.11 or 4.03 percent to $80.52 a barrel, while West Texas Intermediate crude rose $3.01 or 4.14 percent to $74.97 by 11:17 GMT