MARKET WATCH: Crude prices surge again amid tensions in Yemen

Crude oil prices in New York and London jumped again on Mar. 26 after Saudi Arabia and its allies launched airstrikes in Yemen to neutralize Iranian-backed Shiite Houthi rebels (OGJ Online, Mar. 26, 2015).

However, crude prices fell more than $1 in early trading on Mar. 27 as nuclear talks with Iran progressed. An agreement could ease oil sanctions on the nation.  

The New York Mercantile Exchange May crude oil contract gained $2.22 on Mar. 26 to $51.43/bbl. The June contract climbed $2.26 to $53.04/bbl.

The natural gas contract for April was down 5.1¢ to a rounded $2.67/MMbtu. The Henry Hub, La., gas price was $2.73/MMbtu, edging down a penny.

Heating oil for April delivery was up 5.93¢ to a rounded $1.79/gal. Reformulated gasoline stock for oxygenate blending for April was up 4.52¢ to a rounded $1.88/gal.

The May ICE contract for Brent crude oil gained $2.71 to $59.19/bbl. The June contract increased $2.57 to $60.01/bbl. The ICE gas oil contract for April shot up $21 to $545.50/tonne.

The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes on Mar. 26 was $54.55/bbl, jumping $3.72.

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