Oil prices were on track for a more-than-7% jump this week, their biggest in months, as early trading on Friday saw gains extended on fresh tensions in the Middle East after a Saudi Arabian supply hub was knocked out in an attack last weekend.

Friday’s rises came after a Saudi-led coalition launched a military operation north of Yemen’s port city of Hodeidah, as the US worked with Middle East and European nations to build a coalition to deter Iranian threats after the Saudi attack.

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