Oil surged above $80 a barrel after the airstrikes in Yemen provoked fears of an extended conflict in the Middle East that could disrupt global supplies.
Brent crude, which is refined into petrol and diesel, has risen 4pc today to tip above $80 a barrel, while US-produced West Texas Intermediate has climbed 4.2pc to more than $75.
The commodity, which was worth less than $77 at one point on Thursday, has leapt higher as targeted UK and US strikes on Yemen added to fears of further escalation in the Middle East conflict.
The Houthis have vowed to retaliate, with the group’s military spokesman saying the attacks would not go “without punishment” after officials vowed the Western coalition would “pay the price”.
The conflict has also sent the price of gold as much as 1.6pc higher today as the military action enhanced the bullion’s appeal as a safe-haven.
The FTSE 100, which is heavily weighted toward mining and energy stocks, has risen as much as 1pc as it matches the moves higher in oil and gold.
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2024-01-12 11:17:00Z
CBMia2h0dHBzOi8vd3d3LnRlbGVncmFwaC5jby51ay9idXNpbmVzcy8yMDI0LzAxLzEyL2Z0c2UtMTAwLW1hcmtldC1uZXdzLWxpdmUtZWNvbm9taWMtZ3Jvd3RoLWJvb3N0LWdkcC1sYXRlc3Qv0gEA
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