Oil rose over 1% on Friday as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the U.S. and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group.
While the diversions were expected to push up the cost and time it take to transport oil, supplies have not yet been impacted, analysts and industry experts noted, stemming further gains in prices.
Brent crude futures rose $1.08, or 1.4%, to $78.51 a barrel by 1:25 p.m. ET (1825 GMT), after earlier surging over $3 to more than $80.
