Oil Prices Rise Globally

Sudan Events – Nahid Oshi

Oil prices rose on Friday after US-led Coalition launched air strikes against the Iran-aligned Houthi militias in Yemen, raising concerns about disruption to Middle East supplies.
US crude deferred contracts trading rose 2.5% at $73.84 per barrel, while the Brent contract rose 2.4% to reach $79.28 per barrel.
The United States and Britain carried out the strikes in response to attacks by the Iranian-aligned militias on shipping in the Red Sea starting late last year, and came shortly after Iran seized an oil tanker loaded with Iraqi oil in the Gulf of Oman.
Many major shipping operators decided to move away from the region, disrupting supplies on the main Europe-Asia route, which represents about 15% of the world’s shipping traffic.