Yemen air strikes put brake on oil price slide – for the time being

Yemen air strikes

Defence Minister Mohammad bin Salman coordinated the strikes at the Royal Saudi Air Force operations centre near Riyadh

Yemen air strikes: The air strikes launched by Saudi Arabia and other GCC countries in Yemen over the past 24 hours have halted the slide in the price of oil, at least for the time being, with the cost of a barrel of North Sea Brent crude rising by 3.35% to $ 58.44 today. The strikes were launched early this morning against Houthi-controlled areas in the capital Sana’a, including the airport and a military air base. Although the situation is not expected to affect oil production in the KSA, Sana’a is uncomfortably close to the 18mile-wide Bab-el-Mandeb Strait between the Gulf of Aden and the Red Sea – a potential chokepoint in the global movement of oil.

Source: Rosbalt