WTI shot up more than 6.43 percent to $52.38 per barrel, and Brent climbed to $59.71, a 5.72 percent increase at 11:00 am Moscow time [after Saudi Arabia and its allies launched a military operation in Yemen]. Saudi Arabia and nine allied countries began airstrikes at 11 pm GMT, deploying a total of 70 fighter jets.
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The Saudi ambassador to the US said the airstrikes were launched to “defend the legitimate government” of President Abdrabbuh Mansour Hadi, who fled Aden by boat on Wednesday after a massive attack by Iranian-backed Shia rebels. Hadi relocated to Aden from Sanaa after the capital city was overran by the Shia Houthi rebels in September.
An all-out conflict in the Middle East with the US backing one side and Iran the other, has oil traders very bullish on crude prices.
RT
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