Oil prices jumped by more than two percent after the US-led coalition launched strikes against the Houthis.
Brent, the benchmark for two-thirds of the world’s oil, rose as much as 2.5 percent, nearing the $80 mark, on fears the conflict could spread regionally.
The attacks came hours after Iran seized a Turkish-bound tanker off the coast of Oman on Thursday, further heating up the situation, the BBC reported.
The Gulf of Oman, where the tanker was seized, is very close to the Strait of Hormuz, which is one of the most important sea routes for oil supplies.
More than 20 million barrels of oil pass through this narrow passage every day, which is equal to a fifth of global consumption.
Attacks by Iran-backed Houthis on shipping in the Red Sea have disrupted trade and fuel flows in recent weeks.
The biggest risk to oil prices is if Iran is drawn directly into the conflict, which could threaten production and flows in a region that produces a third of the world’s crude oil.
