Brent Crude oil prices jumped 5 per cent as tensions in Yemen pushed demand for crude oil higher. Saudi and its allies began military operations in Yemen after Houthi rebels forced the Yemen President to flee the country as fighting and tense moments continue.
Brent Crude rose to $60 a barrel, but was down marginally at $59.88. Investors built long positions as Brent Crude finally showed some signs of life.
The rally was not good news for India, with stocks retreating on fears that a rally in Crude could once again stoke inflation pressure in India.
The Indian Sensex was trading with losses of 244 points, while the Nifty lost a huge 60 points in trade, following the sharp gains in Crude Oil prices.