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Prices Spike Higher On US/UK Military Strikes In Yemen

OIL

Brent couldn't sustain early moves above $79/bbl, the front end benchmark last near $78.80/bbl, still +1.85% higher for the session. Earlier highs of $79.37/bbl were very close highs from Jan 4. For WTI we were last in the $73.40/bbl region, up by nearly 2%, but also off earlier highs near $74/bbl. Both benchmarks are now close to flat for the week, paring losses in recent sessions.

  • The spike today has reflected joint US/UK joint military strikes in Yemen targeting the Houthis. This is in response to attacks on commercial ships by the Houthis over recent months.
  • The US & UK authorities have stated the strikes aren't designed to escalate tensions, but this will be a focus, particularly around risks of Iran becoming more involved in a broader conflict.
  • Elsewhere, China crude import volumes rose in Dec, with 2023 being a record year for imports as the country emerged from Covid lockdown conditions.
  • This, along with a softer USD sentiment, has likely aided oil at the margins.
Energy BulletsCommodities
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