---
title: "Oil prices surge as the UK and US initiate airstrikes in Yemen."
publisher: "Share Talk"
author: "sharetalk"
published: "2024-01-12T08:31:01+00:00"
modified: "2024-01-12T08:33:04+00:00"
date: 2024-01-12
canonical: "https://www.share-talk.com/oil-prices-surge-as-the-uk-and-us-initiate-airstrikes-in-yemen/"
category: "Blogs"
categories: ["Blogs", "Energy", "Oil and Gas"]
tags: ["Asia", "Bank of America", "BofA", "BP", "Brent Crude", "coal", "decarbonise", "economy", "electricity", "fossil fuels", "gas", "Jamal Khashoggi", "Joe Biden", "Mohammed bin Salman", "nuclear energy", "oil", "oil prices", "OPEC", "Petroleum", "President", "Renewables", "Riyadh", "Russia", "Saudi Arabia", "Shell", "UAE", "USA", "Vladimir Putin", "West Texas Intermediate"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/12/OIL-13_12_23.jpg?fit=1200%2C800&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Oil prices surge as the UK and US initiate airstrikes in Yemen.

**Published:** January 12, 2024
**Author:** sharetalk
**Categories:** Blogs, Energy, Oil and Gas
**Tags:** Asia, Bank of America, BofA, BP, Brent Crude, coal, decarbonise, economy, electricity, fossil fuels, gas, Jamal Khashoggi, Joe Biden, Mohammed bin Salman, nuclear energy, oil, oil prices, OPEC, Petroleum, President, Renewables, Riyadh, Russia, Saudi Arabia, Shell, UAE, USA, Vladimir Putin, West Texas Intermediate
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/12/OIL-13_12_23.jpg?fit=1200%2C800&quality=89&ssl=1)

---

Oil prices surged following airstrikes by Britain and the US on Houthi rebels in Yemen, a response to assaults on Red Sea shipping routes that have impacted global trade.

In early market activity, Brent crude’s price increased by 2.2% to over $79 per barrel, while the US’s West Texas Intermediate saw a 2.3% rise, approaching $74.

British Chancellor Rishi Sunak confirmed the UK’s involvement in the joint operations with the US, describing them as “targeted strikes against military facilities.” He emphasized that these actions were “limited, necessary, and proportionate” and were undertaken in self-defence.

https://twitter.com/Share_Talk/status/1745717973673775562

US President Joe Biden announced that American military forces, with support from the UK and assistance from Australia, Bahrain, Canada, and the Netherlands, effectively carried out strikes on several targets in Yemen.

This military action comes in the wake of the Houthis’ most significant attack yet on Red Sea shipping, which occurred earlier in the week, despite the presence of a US-led naval force in the area.

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