The oil price holds above $72 in a widening trading range, as volatility has picked up on oil markets due to the conflict in Ukraine/Russia (Ukraine targeting oil facilities in Russia). Yemen has been struck by u.K. and U.S. warplanes for the 8th time. Which could lead to further attacks on Red Sea shipping. IS a U.S. lead Ground operation on the cards re: Houthi rebels?

 

American and U.K. warplanes conducted its 8th round of strikes on Yemen military positions.  In a multinational effort in stopping the Houthi militia from targeting Red Sea shipping.  A sort blunt support for the people of Gaza in trying to force an Israeli ceasefire.  The Houthi are not 'pirates' per se, so it is seen as an aggressive operation by Yemen's Houthis, thus airstrikes may not work in the long run.  A special forces operation on Yemen territory by the West cannot be ruled out.

Therefor the oil price volatility has picked up and a wider trading range has been set between $72 and $75.  Oil is currently bid above $74.  And breach of resistance and $75, $78 is the next price resistance.  Please refer to the above chart.