Middle East Strikes Drive Oil Prices Above $80

Oil prices surged above $80 a barrel as the US and its allies launched airstrikes against Houthi rebels in Yemen in response to attacks on ships in the Red Sea, raising concerns about disruptions to oil supply in the region. Tensions have escalated following the recent attacks, with fears of a broader conflict in the Middle East. The situation has prompted commercial shippers to redirect vessels around the southern tip of Africa, impacting oil tanker markets. The possibility of Iran being drawn into the conflict adds to the uncertainty, while the Houthis have vowed to continue their assaults despite the retaliatory strikes.