Crude oil markets experienced significant gains Monday following weekend strikes by Yemen’s Houthi militants against Israel, representing the group’s initial assault on Israeli territory since the broader U.S.-Israel confrontation with Iran commenced, according to March 30 reports.
The escalation has intensified concerns about expanding regional instability throughout the Middle East, driving energy prices sharply upward.
Brent crude futures climbed $3.16 per barrel, representing a 2.81% increase to reach $115.73 by 2205 GMT on Monday. This followed Friday’s session where prices had already settled 4.2% higher.
Meanwhile, U.S. West Texas Intermediate crude reached $102.77 per barrel, gaining $3.13 or 3.14% for the day. This came after the previous trading session had already seen a substantial 5.5% increase.
The Iran-backed Houthis’ decision to target Israel directly represents a significant expansion of the regional conflict, contributing to market volatility as traders assess potential disruptions to Middle Eastern oil supplies.
