Oil prices rose by more than 2% today , as the United States and Britain launched strikes against Houthi military targets in Yemen, in response to attacks launched by the Iran-allied group on ships in the Red Sea since late last year, according to Reuters. .

Brent crude futures rose $1.81, or 2.3 percent, to $79.22 per barrel, while US West Texas Intermediate crude rose $1.80, or 2.5 percent, to $73.82 by 01:54 GMT.

The American and British strikes represent one of the most dramatic indicators so far of the expansion of the war between Israel and Hamas in the Middle East since its outbreak in October. Witnesses in Yemen confirmed that explosions had occurred across the country.

US President Joe Biden said that the precise strikes are a clear message that the United States and its partners will not stand idly by when individuals are attacked, nor will they allow “hostile parties to endanger freedom of navigation.”

He added that Australia, Bahrain, Canada and the Netherlands supported the operation.

The US-led attacks came in the wake of Iran's seizure yesterday (Thursday) of a tanker carrying Iraqi oil that was on its way to Turkey, in response to the United States' seizure last year of oil that the same tanker was carrying.