The ongoing conflict in the Middle East is causing prices of oil to go up.

Recent reports suggest that Iran’s seizure of an oil tanker near Oman‘s coast has heightened the possibility of a conflict in the region, impacting global oil prices.

On Thursday, oil prices saw an increase of around 1 percent. Brent futures went up by 61 cents, reaching $77.41 per barrel, and US West Texas Intermediate crude rose by 65 cents, reaching $72.02.

It’s important to note that Yemen’s Houthi rebels have been targeting commercial ships in the Red Sea. In response, American and British forces conducted several attacks on rebel positions in Yemen last night.

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