Brent oil hits $80 following U.S. airstrikes against Yemen’s Houthis

Alex Longley, Bloomberg January 12, 2024

(Bloomberg) – Oil jumped as the U.S. 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.

President Joe Biden said strikes had been conducted against a number of targets used by the Iran-backed group, with U.S. officials saying radar sites and missile launchers were hit. A tanker industry group said military forces in the region were advising ships to avoid a key chokepoint near Yemen.

Global benchmark Brent rose as much as 3.5% to top $80 a bbl in London for the first time this year.  

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