13:09 GMT27 January 2020
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    Oil prices are going down after reports that the Saudi-led coalition terminated its military operation against Houthi rebels in Yemen.

    A jet takes off to participate in the Saudi-led air strikes on Yemen, at an airbase in an undisclosed location in Saudi Arabia in this April 2, 2015 picture provided by Saudi Press Agency. Picture taken April 2, 2015
    © REUTERS / Saudi Press Agency/Handout via Reuters
    MOSCOW (Sputnik) Global oil prices are going down on Wednesday in the light of the reports that the Saudi-led coalition terminated its military operation against Houthi rebels in Yemen, according to trading data.

    As of 7:50 a.m. Moscow time (04:50 GMT) the price of Brent North Sea crude June futures decreased by 0.76 percent reaching $61.61 per barrel. The price of West Texas Intermediate (WTI) light sweet crude oil futures for June delivery went down 1.13 percent to $55.97 per barrel.

    Yemen has been living in crisis for months now, after the country’s main opposition forces, the Houthis, took control of Sanaa and forced President Abd Rabbuh Mansur Hadi to resign and flee the country.

    Late in March, at the request of the president-in-exile, a coalition of Arab countries led by Saudi Arabia launched a military operation codenamed Operation Decisive Storm and started conducted airstrikes targeting Houthi positions in Yemen.

    On Tuesday at a press conference in Riyadh, coalition spokesman, Saudi Brig. Gen. Ahmed Asiri said the Decisive Storm operation was terminated at the request of Hadi. Instead the coalition is launching the Restoring Hope campaign, which will focus on counter-terrorism efforts, humanitarian missions, and the revival of political dialogue in Yemen.


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    Oil, airstrike, oil prices, Operation Decisive Storm, Yemen
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