Oil prices rose on Monday, driven by concerns over trade disruptions amid ongoing US strikes on Yemen, along with China's new economic stimulus measures, which fueled expectations for higher demand.
The international benchmark, Brent crude, increased by around 0.67% trading at $70.71 per barrel at 10.33 a.m. local time (0733 GMT), up from $70.24 at the previous session's close.
The US benchmark, West Texas Intermediate (WTI) rose by 0.73%, settling at $67.40 per barrel, compared to its prior session close of $66.91.
The US launched airstrikes on multiple Yemeni cities late on Saturday, killing at least 31 people, as US President Donald Trump ordered the 'strong and decisive' strikes against Houthi targets, warning that 'hell will rain down' if the group continues attacks on Red Sea shipping.
On Sunday, the Houthi group announced that it had targeted a US aircraft carrier with ballistic missiles and drones in retaliation for the American aggression against Yemen.
The Houthis have been attacking Israeli-linked ships in the Red Sea with missiles and drones since late 2023, disrupting global trade, in solidarity with the Gaza Strip.
The group halted its attacks when a ceasefire was declared in January between Israel and Hamas, but threatened to resume the attacks when Israel blocked all aid into Gaza on March 2.
The ongoing hostilities pose a risk to maritime trade security in the Red Sea, potentially tightening oil supplies.
Also, China, the world's largest crude oil importer, introduced a comprehensive plan to boost domestic consumption on Sunday, supporting economic recovery amid intensified US trade tariffs.
The country's latest plan highlights a strategic shift toward internal demand as the primary growth driver, fueling expectations of higher energy consumption and contributing to a rise in oil prices.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr