Oil prices rose sharply on Thursday, before falling back, as Saudi Arabia conducts a military operation to its neighbor Yemen. The price of the global benchmark Brent crude oil rose nearly 6 percent Thursday. Brent is currently up 4.4 percent at $58.96 a barrel from its closing price of $56.77 Wednesday. The American benchmark West Texas Intermediate, WTI, rose 7 percent to $52.44 per barrel, from $48.98 percent at closing Wednesday.
With the risk of further escalation looming, the question is what will happen to the price of oil. Moreover, with Saudi Arabia and Iran at loggerheads, what are the risks of a full-blown proxy conflict? Anadolu News Agency from Turkey spoke about the matter with Sijbren de Jong.
The full interview can be read here.