Markets react to Saudi operations in Yemen

Reuters:
Oil prices surge after Saudi air strikes in Yemen
The prices are up about $1.50 a barrel  which does not seem that much considering how much the price has fallen over recent months.  The main concern is apparently for the shipping lanes to Europe through the Red Sea.

It does appear that the war between Iran and the Saudis has gone hot in Yemen.  Whether it spreads through the region is not known, but it appears the US has little influence on the conflict.  The Obama administration is too busy retreating form the region to lead anything at this point.

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