Oil Prices Rise

Oil prices rosed to their highest in more than a year today after a Saudi-led coalition fighting in Yemen said it intercepted an explosive drone that was fired by an Iran-aligned Houthi group.

This raised fears of tensions in the Middle East.

Brent Crude went up 13 per cent at $63.09 a barrel.

U.S. West Texas Intermediate Crude Futures gained 86 cents or 1.5 per cent to $60.33 a barrel.

Oil prices have rallied in recent weeks also as supplies tighten due to cuts from the Organization of the Petroleum Exporting Countries.

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