herald

Saturday 16 December 2017

Oil up as Yemen war fears grow

ENERGY

Oil prices surged by more than 5pc yesterday, in what could spell bad news for motorists.

The price of brent crude oil traded near $58 a barrel by yesterday afternoon after Saudi Arabia and its Gulf Arab allies began air strikes in Yemen.

The military action against Houthi rebels, who have driven the president from Yemen's capital Sanaa, did not disrupt oil facilities of major Gulf producers. But fears the conflict could spread stoked supply concerns.

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