Oil Prices Are Up As Tensions Rise In Middle East
According to Reuters, oil prices were trading higher in response to tensions in the Middle East.
On May 16th, the price for West Texas Intermediate crude oil added 1.4-percent, rising to $62.87 per barrel.
The price for Brent crude oil jumped over 1.5-percent, bringing the international benchmark to $72.88 a barrel.
The prices rose sharply after news broke that a Saudi-led coalition launched air strikes over Yemen in retaliation for recent attacks on its oil infrastructure.