Crude Oil Prices Rise Amid Escalating Conflict in the Middle East, China's Plan to Boost Economy

, MT Newswires -  5:12 AM ET 3/18/2025 International

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05:12 AM EDT, 03/18/2025 (MT Newswires) -- Crude oil prices advanced early on Tuesday amid geopolitical developments in the Middle East and China's efforts to boost its economy.

Brent crude rose 1.1% to US$71.88/barrel and West Texas Intermediate crude surged 1.2% to US$68.38/b at last look.

The U.S. over the weekend launched airstrikes against the Houthis in Yemen, with U.S. President Donald Trump saying the attacks will continue unless the Houthis halt their attacks on shipping in the Red Sea, according to Reuters. Israel also launched airstrikes in Gaza, ending a weeks-long standoff over extending a ceasefire, the report said.

China's state council revealed a special action plan to increase domestic consumption and Chinese economic data showed retail sales growth improved in January-February, Reuters said.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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