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Oil Prices Rise as U.S. Warship Intercepts Three Missiles Fired from Yemen

Oil Prices Rise

A U.S. Navy warship stationed in the Red Sea has intercepted three missiles fired from Yemen, media has reported, suggesting it was possible the missiles were fired in the direction of Israel.

This is the latest in a string of indications that the conflict in the Middle East may be escalating, after reports that Israel was strengthening its military presence along the border with Lebanon – home of the Islamist group Hezbollah.

“We cannot say for certain what these missiles and drones were targeting, but they were launched from Yemen heading north along the Red Sea, potentially toward targets in Israel,” said Brigadier General Pat Ryder at a Pentagon briefing following the news of the missile interception, as quoted by the AP and the Times of Israel.

The news will no doubt add to fears of an escalation of tensions in the Middle East, with oil prices having moved higher on the news. Early on Friday morning, WTI had climbed above $90 while Brent reached $93.44. Earlier in the week, oil prices had retreated somewhat on the news that the U.S. would lift sanctions on Venezuelan oil, but this latest military escalation appears to have countered that news.

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Oil Prices Rise as U.S. Warship Intercepts Three Missiles Fired from Yemen