Oil prices on Friday jumped above $80 a barrel for the first time in 2024 after the world’s largest tanker body warned members to avoid the waters off Yemen following US and UK air strikes on Houthi militants.
Brent crude rose 4 per cent to $80.50 a barrel while West Texas Intermediate, the equivalent US benchmark, gained a similar amount to $74.91 a barrel.
The International Association of Independent Tanker Owners (Intertanko), which represents almost 70 per cent of all internationally traded oil, gas and chemical tankers, said in an advisory to members on Friday to “stay well away” from the Bab al-Mandab strait, and for vessels travelling south via the Suez Canal to pause north of Yemen.
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