Oil Plunges After Saudi Arabia Announces Yemen Ceasefire

Oil prices fell sharply today after Saudi Arabia agreed to a partial ceasefire in Yemen, the Wall Street Journal reported, citing unnamed sources familiar with the move. The Houthi rebels that Saudi Arabia and the UAE are fighting in Yemen said at the end of last week that drone attacks on Saudi targets would stop if the Kingdom stopped targeting its positions with air strikes. The Houthi proposal came a day after Riyadh launched an attack on Houthi-held Hodeida—Yemen’s key port, which has been under rebel control for a while despite…