Oil prices rise amid escalating Middle East tensions

0 Comment(s)Print E-mail Xinhua, May 17, 2019
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NEW YORK, May 16 (Xinhua) -- Oil prices rose for a third consecutive day on Thursday, as global investors were rattled by the intensifying geopolitical tensions in the Middle East following attacks on Saudi Arabia's oil facilities.

The West Texas Intermediate for June delivery increased 0.85 U.S. dollar to settle at 62.87 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery rose 0.85 dollar to close at 72.62 dollars a barrel on the London ICE Futures Exchange.

The Saudi Arabia-led coalition launched airstrikes on Houthi rebels' targets in the Yemeni capital Sanaa on Thursday morning.

The airstrikes came two days after the Iran-allied Houthi rebels claimed responsibility for the drone attacks on two Saudi oil pumping stations and other oil facilities, which have driven up global oil prices.

At least a six-member family were killed when a coalition airstrike hit a house in the center of Sanaa, the rebel-controlled Health Ministry said in a statement.

More than 30 others were wounded in the airstrike, it said, adding that the death toll could rise as many injured remain in critical condition. Enditem

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