Oil prices rose on Monday, March 17, after the US vowed to continue striking Yemen's Houthis until the Iran-backed group stops attacking shipping.
Ekonomichna Pravda reported this with reference to Reuters.
The report said that Brent futures rose by 41 cents, or 0.6%, to USD 70.99, while US West Texas Intermediate futures rose by 40 cents, or 0.6%, to USD 67.58 a barrel.
At least 53 people were killed in the US airstrikes.
This is the largest US military operation in the Middle East since President Donald Trump took office in January.
A US official told Reuters that the campaign could last for weeks.
Houthi attacks on shipping in the Red Sea have disrupted global trade and set off a costly campaign by the US military to intercept missiles and drones.
Oil prices edged higher last week, snapping a three-week losing streak on concerns about a global economic slowdown caused by escalating trade tensions between the US and other countries.
Both benchmarks edged up after rising more than 1% in early Asian trading as China reported a mixed start to the year.
China on Sunday unveiled a “special action plan” to boost domestic consumption and economic recovery amid reports of US trade tariffs against China.
The efforts threatened to disrupt the global trading order.
Goldman Sachs analysts cut their oil price forecasts, saying they expected slower US growth due to tariffs imposed on countries including Canada, China and Mexico.
“We are lowering our December 2025 Brent forecast by USD 5 to USD 71 per barrel (WTI to USD 67), our Brent range to USD 65-80 and our 2026 average forecast to USD 68 for Brent (WTI to USD 64),” the analysts said in a note.
Oil demand was expected to grow more slowly than previously thought, and supply from the Organization of the Petroleum Exporting Countries and its allies (OPEC+) was exceeding expectations, Goldman analysts said.
As the Ukrainian News agency earlier reported, oil prices recovered on Friday after losing more than 1% in the previous session, partly due to the reduced prospects for a quick end to the war in Ukraine, which could return more energy supplies from russia.
Oil prices continued to fall in early March after reports that OPEC+ would continue its planned production increase, while markets were preparing for the impact of US tariffs on Canada, Mexico and China.
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