Oil Prices rise as Saudi launches attack on Yemen

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Sana: A coalition led by Saudi Arabia launched air strikes against Houthi rebels in the capital of Yemen as civil conflict in the Gulf state threatens to become a regional war.

The strikes were launched on early Thursday against targets in the Houthi controlled Sana including the airport and a military airbase. The Houthis responded by firing rockets across the northern border into Saudi territory.

The leaders of the group warned that the battle could widen into a regional conflict, but the rebels also vowed to overcome the attacks without Iranian help.

The price of the crude oil has seen a steep rise of about four percent on Thursday over concerns that the fighting in Yemen might affect the passage of tankers through the Bab el Mandeb strait at the entrance to the Red sea.