Oil prices rose after Britain and the United States launched military strikes on targets in Houthi-controlled areas of Yemen, as tensions continue to rise in the Red Sea.

West Texas average And Brent futures spiked more than 4% Friday morning, hitting their highest level since Dec. 27. US crude jumped to $75.25 per barrel, while the global benchmark reached $80.75.

Benchmarks retreated later in the session, with US crude last trading at $72.63 per barrel and Brent at $78.21 per barrel.

“These targeted attacks send a clear message that the United States and our partners will not tolerate attacks on our personnel or allow hostile actors to jeopardize freedom of navigation on one of the world’s most critical commercial routes,” US President Joe Biden said in a statement. Thursday evening.

Although the US has carried out attacks on Iranian allies in Syria and Iraq since the outbreak of the Gaza war, this would be the first known attack on the Iran-backed Houthis in Yemen.

The Houthis have attacked ships in the Red Sea and targeted global shipping vessels, including those from the US and Israel, in retaliation for the war in Gaza, which has so far killed nearly 23,000 people in the Palestinian enclave.

Major shipping companies stopped crossing the Suez Canal and Red Sea routes in early December, opting to reroute via southern Africa. This has resulted in longer and more expensive journeys, causing sea freight rates to rise.

In a televised address on Thursday, the leader of Yemen’s Houthis, Abdul-Malik al-Houthi, vowed that any US attack on the group would not go without a response.

“We will confront American aggression. Any US aggression will never go without response,” he said, warning that the response will be greater than “at the level of the recent operation” the group carries out at sea.

In announcing the strikes on Thursday, Biden pledged that he “will not hesitate to take further action as necessary to protect our people and the free flow of international commerce.”