Crude Jumps After Deadly Houthi Strike Rattles Markets

Crude rallied hard yesterday after Iranian-backed Houthi rebels killed 30 Yemeni troops and wounded 50 more, an attack markets read as a sign the loosely held ceasefire could be unraveling. Saudi Arabia set cash prices to Asia lower in an apparent move to keep refinery relationships steady through the turmoil. With risk still skewed to the upside, this is another reminder of how quickly this market can turn on a single headline out of the region.An oil tanker out at sea by Gerhard Traschutz via Pixabay