Oil Prices Jump 4% After Yemen Airstrikes

Brent crude futures surged beyond $80 a barrel for the first time this year, after U.S.-led strikes against rebel Houthi targets in Yemen stoked concerns about an escalation of conflict in the Middle East .

Front-month Brent crude oil futures gained more than 4% in late-morning trading in London.

Futures on West Texas Intermediate, the U.S. benchmark, also jumped more than 4%.

Energy companies' shares followed suit, with Shell and BP each rising more than 1% in London.

Exxon Mobil and Occidental Petroleum also gained in premarket trading.