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Oil Prices Jump After Saudi Strikes In Yemen

People search for survivors under the rubble of houses destroyed by Saudi airstrikes  near Sanaa Airport, Yemen, Thursday, March 26, 2015. (Hani Mohammed/AP)
People search for survivors under the rubble of houses destroyed by Saudi airstrikes near Sanaa Airport, Yemen, Thursday, March 26, 2015. (Hani Mohammed/AP)

The price of Brent crude jumped 5 percent yesterday as Saudi Arabia began airstrikes in Yemen. It was the biggest spike in oil prices since February. The benchmark settled near $60 a barrel.

Saudi involvement in Yemen’s growing unrest has led to fears of instability in the oil market, even though a global supply glut was a primary reason why oil prices have been so low.

Michael Reganof Bloomberg News speaks to Here & Now’s Jeremy Hobson about what continuous Saudi influence in Yemen means for the global oil market.

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