Oil Futures Soar After Saudi Arabia Attacks Yemen

Concern over the worsening geopolitical situation in the Mideast sent oil futures rallying sharply late Wednesday after Saudi Arabia said it and its allies had launched airstrikes on rebel forces in Yemen. West Texas Intermediate crude oil for May jumped 4.7% to $51.54 a barrel in electronic trade, extending a 3.6% surge during the regular New York Mercantile Exchange session. Rival London-traded Brent North Sea crude for May added 5.4% to $59.55 a barrel after a 2.5% gain in regular Wednesday trade.