OIL PRICES HIT FIVE - MONTH HIGH AS HOUTHI ESCALATION WORSENS SUPPLY AND INFLATION FEARS

What happened: Oil prices reached a five-month high after Yemen's Houthis claimed strikes on Saudi energy, airport and military targets, rattling Gulf markets. Key numbers: Brent rose 1.46 per cent to $111.20 a barrel; WTI climbed 2.30 per cent to $100.80. The IEA agreed to release more than 20 million barrels of diesel. Why it matters: Analysts at Duncan Oil said surging energy costs have led investors to believe the Fed will keep rates higher for longer, with a second straight hike expected at next week's meeting.

Oil prices reached a five-month high after Yemen's Houthis claimed strikes on Saudi energy, airport and military targets, rattling Gulf markets.

Analysts at Duncan Oil said surging energy costs have led investors to believe the Fed will keep rates higher for longer, with a second straight hike expected at next week's meeting.