NEW YORK, United States — Oil prices climbed Friday after US and UK forces launched strikes against Iran-backed Huthi rebels, while global stocks were mixed following the kickoff of corporate earnings season. Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive rebel attacks on Red Sea shipping. The Huthis have carried out a growing number of strikes on vessels in the Red Sea, a key international shipping route, since the Gaza war erupted in October. The attacks have affected trade flows at a time when supply strains are putting upward pressure on inflation globally. Leading banks were mostly lower following a deluge of quarterly results, while airlines were hammered after Delta's forecast disappointed investors.

Source: Philippine Star January 13, 2024 22:01 UTC