Global Markets: Houthi/Saudi conflict causes oil prices to rise

By MarketsFarm

WINNIPEG, March 8 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Mounting tensions between Yemeni Houthi rebels and Saudi Arabia sent oil prices to two-year highs before easing Monday morning. The Houthi rebels, who are backed by Iran, claimed responsibility for attacks on Saudi oil facilities and military installations. Meanwhile, Saudi Arabia launched air strikes against the rebels on Sunday, triggering explosions in Yemen’s capital, Sanaa.

– Protests continue in Myanmar over a month since a military coup toppled the country’s democratically elected government. Three demonstrators were reportedly killed by security forces Monday morning, with more than 50 people dead so far in the unrest, according to the United Nations. The European Union is reportedly set to increase sanctions on businesses supporting Myanmar’s military.

– The United States Senate passed a COVID-19 relief bill over the weekend worth US$1.9 billion which will soon see the government send out stimulus cheques worth US$1,400 to many Americans. Other benefits in the legislation include money for vaccine distribution, local governments, and unemployment – although an increase in the country’s minimum wage did not make it into the bill. The Congress will vote on the bill on Tuesday.

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