Middle East Tensions Drive Crude Oil Prices Higher

Crude oil prices surged on Tuesday as concerns about supply disruptions in the Middle East kept markets focused on crude flows from the region.

Renewed fighting in Yemen heightened concerns about regional supply routes, with Saudi airstrikes on the strategic Red Sea port city of Mokha killing at least six people and injuring eight others.

The UK announced that it would provide 'defensive air-to-air refuelling' support to Saudi Arabia following attacks on the country by Yemen's Houthi group.

US President Donald Trump called off planned airstrikes against Houthi targets in Yemen shortly before they were to be carried out, limiting the rise in oil prices.