#CrudeOil Prices Surge Following #US,#UK Airstrikes Against Houthi Targets In Red Sea Conflict Escalation (12 Jan 2024)

Crude oil prices surged as conflict in the Red Sea escalated, with the US and UK launching airstrikes against Houthi targets in Yemen in retaliation for shipping attacks in the region.

Brent crude jumped 1.9% to US$78.87 per barrel and West Texas Intermediate crude gained 2% to US$73.49/b at last look early Friday. Houthis vowed to continue targeting commercial vessels and would respond to the attacks "very soon," Bloomberg said in a Friday report.

Meanwhile, slightly hotter US inflation data failed to convince investors that interest rates would start falling soon, Reuters said in a separate Friday report.

"Our view remains that for the Fed to cut rates aggressively they need to either see the economy falling off a cliff or a sharp fall in inflation. And we do not see either scenario," Reuters quoted Jefferies economist Mohit Kumar as saying.

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