NEW YORK (AP) — The price of oil rose sharply on Thursday as mounting tensions in Yemen got traders worried that the flow of crude from the Persian Gulf region could be disrupted.
Saudi Arabia and other Gulf states launched strikes on key military installations in Yemen. They aim to oust Shiite rebels who forced the country's embattled president to flee.
U.S. crude rose $2.22, or 4.5 percent, to close at $51.43 a barrel in New York. U.S. crude oil has jumped 17 percent since hitting a low of $43.96 a barrel a week ago.
It was the first time the benchmark U.S. oil contract closed at $50 or higher since March 9th. Brent crude, a benchmark for international oils used by many U.S. refineries, rose $2.71, or 4.8 percent, to close at $59.19 a barrel in London.