Reuters reported that following air and naval strikes by the US and UK on military targets of the Houthis in Yemen, the prices of oil and gold increased. These attacks occurred early Friday in response to assaults by this Iran-backed group on shipping routes in the Red Sea and Bab el-Mandeb. According to Reuters, these recent attacks have heightened market concerns about the potential impact of a broader conflict in the Middle East and its effect on supply and the passage of oil shipments. The news agency noted that the price of Brent crude futures rose by 2 percent to $78.93 per barrel. Additionally, media reports indicated that the US and UK attacks also impacted the gold market. In this regard, Reuters reported that the price of gold per ounce increased by 0.30 percent to $2035.08 on Friday. The price of gold futures in the New York Comex market also rose by 0.95 percent to $2038.30.
Increase in Oil and Gold Prices Following US and UK Attacks on Houthis
The US and UK launched air and naval strikes against Houthi military targets in Yemen, leading to a rise in oil and gold prices. This escalation is a response to Houthi attacks on shipping routes, raising concerns about a wider conflict in the Middle East. The increase in commodity prices reflects market anxiety over supply disruptions.
👥 Key Players
📰 What Happened
The US and UK conducted air and naval strikes against Houthi military targets in Yemen. This action was in response to Houthi attacks on shipping routes in the Red Sea.
- Oil prices rose by 2 percent to $78.93 per barrel.
- Gold prices increased by 0.30 percent to $2035.08 per ounce.
💡 Why It Matters
📚 Background
The Houthis have been fighting a civil war in Yemen since 2014, with Iran's support, against a Saudi-led coalition backed by the US and UK.
Translated from the original and edited for English readers. View original source →
Translation confidence: 85%