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Oil futures surge to a week-high amidst Yemen’s retaliation threats

Crude prices experienced a notable upswing driven by heightened concerns over potential disruptions to the oil supply chain, following the vow of fierce retaliation by Yemen’s Houthi rebels against recent US and UK airstrikes. Additional strikes occurred over the weekend, intensifying market anxieties.

US West Texas Intermediate (WTI) crude saw a significant uptick, rising by 66 cents and settling at $72.68 per barrel. Simultaneously, Brent crude, the internationally recognized standard, recorded a robust increase of 88 cents, concluding the trading session at $78.29. Despite this surge, the weekly performance revealed a contrasting trend, with WTI witnessing a 1.5% decline and Brent experiencing a 0.7% loss over the course of the week.

In parallel, the geopolitical tensions reverberated in other markets as well. Comex gold responded to the airstrikes by reaching $2,051.60 per ounce, displaying a brief pullback before managing to secure the tiniest of weekly gains, closing with a 0.04% increase. The intricate interplay of geopolitical events and their impact on various commodities remains a focal point for investors navigating the volatile landscape of global markets.