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Oil Prices Rise Amid Middle East Conflict
Oil prices rose on Monday. Yemen's Houthis, backed by Iran, fired missiles at Israel.
This opened a new front in the conflict. The conflict has now entered its fourth week.
Oil prices are heading for their highest close in four years. Brent crude is heading for its largest monthly rise on record. Traders expect the conflict may last longer.
Klear Note — Oil prices rise when war disrupts Middle East shipping. The region produces much of the world's oil supply.
Key Terms 3
- Houthis
- Armed group from Yemen, backed by Iran
- Brent crude
- A key type of oil used to set world prices
- largest monthly rise on record
- The biggest price rise in a single month ever recorded