Oil prices rose more than 2% on Friday as the United States and Britain carried out strikes in Yemen.
Brent crude futures were up $1.53, or 2%, at $78.94 a barrel, while U.S. West Texas Intermediate crude futures were trading $1.53, or 2.1% higher, at $73.55 at 0337 GMT.
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.
The Gulf of Oman is very near the Strait of Hormuz, a critical chokepoint for oil flows. More than 20 million barrels/day of oil moves through the Strait of Hormuz, which is equivalent to around 20% of global consumption,” ING analysts said in a note.
