Brent crude price rose by 2.3 per cent to $79.18 per barrel on Friday amid tension in the Middle East.
According to figures from oilprices.com, Brent was trading at $79.19 per barrel as of the earlier Friday hours.
This is as West Texas Intermediate, WTI hovers around 73.73 per barrel on Friday.
The development comes amid heightened tension in the Middle East as the United States and Britain launched strikes against the Houthi military targets in Yemen, a retaliation for attacks by an Iran-backed group on shipping in the Red Sea last year.
Recall that the Houthi assaults in the Red Sea have disturbed global trade along the crucial route connecting Europe and Asia, constituting approximately 15 per cent of the world’s maritime traffic.
US President Joe Biden said the “targeted strikes” were a clear message that the United States and its partners will not tolerate attacks on its personnel or “allow hostile actors to imperil freedom of navigation”.
According to reports, conflict escalation surged amid the recent upticks caused by the war between the Israeli forces and Hamas militants in the Gaza Strip, which began in October last year.
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