Oil continues to move higher on Middle East fears

Oil continues to move higher on Middle East fears

Oil futures in New York settled at their highest since December 2014. U.S. benchmark West Texas Intermediate climbed 0.35% to close at $68.88 a barrel. International benchmark Brent crude rose 0.88% to $74.71 a barrel. The gains were unusual in that the U.S. dollar strengthened today. But the markets had news of another missile attack on Saudi Arabia–again unsuccessful–by Houthi rebels in Yemen. The Houthis are backed by Iran and Yemen has become a proxy war for power in the Middle East between Iran and Saudi Arabia (and by extension, Russia and the United States.)