Oil prices jumped after the airstrikes against Houthi rebels in Yemen.
The strikes heightened fears of a wider conflict in the Middle East and came shortly after Iran seized an oil tanker off the coast of Oman, adding to concerns over global shipping disruptions.
“The Gulf of Oman is very near the Strait of Hormuz, a critical choke point for oil flows. […] more significant disruptions to oil flows in this region will be much more alarming for markets,” ING said.