Oil prices jump 2% after the Yemeni blockade on Saudi Arabia takes effect

Reuters news agency reported that oil prices rose by 2% as Yemen threatened to impose a blockade on Saudi shipping, increasing the risk of disruption to oil flows.

She noted that oil prices rose by about two percent on Tuesday, reaching their highest level in five weeks, amid concerns about worsening energy supply disruptions in the Middle East following renewed attacks between the United States and Iran and the threat by Yemeni armed forces to impose a naval blockade on Saudi Arabia.

Brent crude futures rose $1.83, or 2.1 percent, to $91.05 a barrel by 1726 GMT, while U.S. West Texas Intermediate crude gained $1.92, or 2.3 percent, to $85.15.