Oil advanced over 2% on Friday as UK and US launched attacks against Houthi military sites in Yemen, in reprisal for the group supported by Iran's attacks on vessels in the Red Sea that began by the end of 2023.

Brent crude futures edged up by 2% at $78.94 per barrel meanwhile US WTI advanced by 2.1% at $73.55 per barrel.

Both were extending their gains from the previous day by almost 1%, indicating that prices were expected to rise for a second consecutive week.

Since the conflict between Israel and Hamas erupted in October, the U.S. and British strikes represent one of the most striking displays of this expansion in the Middle East. Explosions around the nation of Yemen were confirmed by witnesses.

Approximately 15% of all shipping traffic worldwide travels via the crucial route connecting Europe and Asia, which has been hampered by the Houthi attacks in the Red Sea.

The massive shipping company Maersk informed clients on Thursday that it will be rerouting all of its ships out of the Red Sea for the foreseeable future and warned them of more potential interruptions.