Home Industry Energy Oil prices rise after US, Britain strike Houthi targets Targeted strikes against the Houthis in Yemen by the US and UK are driving up global oil prices by Reuters January 12, 2024 Oil prices rose more than 2 per cent on Friday as the United States and Britain carried out strikes against Houthi military targets in Yemen in retaliation for attacks by the Iran-backed group on shipping in the Red Sea starting from late last year. Brent crude futures were up $1.81, or 2.3 per cent, at $79.22 a barrel, while U.S. West Texas Intermediate crude futures were trading $1.80, or 2.5 per cent higher, at $73.82 at 0154 GMT. Witnesses in Yemen confirmed explosions throughout the country. US President Joe Biden said the “targeted strikes” were a clear message that the United States and its partners will not tolerate attacks on its personnel or “allow hostile actors to imperil freedom of navigation”. Australia, Bahrain, Canada and the Netherlands supported the operation, he said. Houthi attacks disrupt Red Sea traffic The Houthi attacks in the Red Sea have disrupted international commerce on the key route between Europe and Asia, which accounts for about 15 per cent of the world’s shipping traffic. Shipping giant Maersk said on Thursday it will divert all vessels away from the Red Sea for the foreseeable future, warning customers of further disruptions.