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Oil prices surge on Saudi airstrike against Houthis in Yemen

Oil prices surge on Saudi airstrike against Houthis in Yemen
Photo Credit: Arabianeye-Reuters

By Asmaa El-Khouly

Global oil prices soared during Thursday’s early trades in Asian markets, following news of Saudi-led airstrikes on Houthi rebels in Yemen.

The airstrike triggered fears about a possible halt in oil supply from the world’s biggest crude exporting region.

An alliance of 10 countries announced participation in the military action, carried out in response to a call from embattled Yemeni President Abd-Rabbu Mansour Hadi, who has taken refuge in the southern city of Aden since the rebels seized the capital of Sanaa.

West Texas Intermediate crude futures, the US benchmark, rallied to about $51 (£34) a barrel before falling back. Similarly, Brent crude climbed to $59.71 a barrel, but has since dipped to $56.50.

China's foreign ministry said on Thursday it was deeply concerned about the worsening situation in Yemen, located along an important international shipping route for global energy producers,