09:07 AM EDT, 03/17/2025 (MT Newswires) -- Oil prices moved higher early on Monday after the United States launched attacks on Yemen's Iran-backed Houthi militants, a response to the group's attacks on Israel and Red Sea shipping, while China said it plans moves to boost consumer spending.

West Texas Intermediate crude oil for April delivery was last seen up US$0.85 to US$68.03 per barrel, while May Brent crude was up US$0.84 to US$71.42.

The United States on Saturday launched missile and artillery attacks on the Houthis, with Reuters reporting that an unnamed advisor to U.S. President Donald Trump said the attacks could last for a week, potentially adding fresh frictions with Iran.

The heightened geopolitical risk comes as China, the world's No.1 importer of crude, said it will take steps to boost wages and bring in subsidies for child care as it looks to boost slow consumer spending and meet its 5% growth target for 2025.

"Crude prices trade firmer but well below key resistance near USD 74, supported by China's plans to boost consumption and fresh Red Sea risks after the US launched attacks on Iran-backed Houthi militants in Yemen. The risk of tightening sanctions on Iran and weak positioning in the futures market continues to offset demand concerns and rising OPEC+ production," Saxo Bank noted.