The price of oil rose on Thursday as Saudi jets bombed Houthi rebels in the Yemeni capital, raising fears that the civil conflict in the Gulf state could escalate into a regional war. Saudi Arabia, backed by a 10-country Sunni coalition, launched the air strikes early on Thursday against targets in Houthi-controlled Sana’a, including the airport and a military air base. The Houthis responded by firing rockets across the northern border into Saudi territory. The Saudi attacks marked a big escalation of the Yemen crisis, in which the Shia Houthis, who are backed by Iran, are fighting to oust the country’s president, Abd Rabbuh Hadi, who is backed by Saudi Arabia and its Sunni allies. Oil prices rose as much as 6 per cent on Thursday in response to the strikes, though they later fell back […]