The oil prices rose on Monday as the United States pledged to continue attacking the Houthis in Yemen until they stop their attacks on shipping. Meanwhile, Chinese economic data fueled hopes of higher demand.

Donald Trump, the President of the United States, launched military strikes on the Houthis Saturday in response to the attacks by the group against Red Sea shipping. One U.S. official said the campaign could last for several weeks.

Brent futures were up 28 cents or 0.4% to $70.85 per barrel at 11:25 am. ET (15:25 GMT), while U.S. West Texas intermediate crude futures rose 22 cents or 0.3% to $67.39.

Al Masirah TV, a Houthi-owned television station, said that the Houthis targeted the Red Sea port of Hodeidah as well as the Al Jawf Governorate to the north of Sanaa.

Prices were also supported by Chinese economic data. Retail sales growth accelerated from January to February, a positive sign for policymakers looking to boost domestic consumption. However, unemployment increased and factory output decreased.

China's crude throughput rose by 2.1% in January and February compared to a year ago, according to official data released on Monday. The increase was attributed to a new refinery, as well as holiday travel. However, the refining margins remained weak.

Price Futures Group senior analyst Phil Flynn said, "The combination (of increased stimulus from China) and the heightened attacks by the Houthi Rebels is providing an important boost to oil this morning."

The price of oil rose slightly in the last week. However, Brent is down nearly 5% for this year due to concerns about a global slowdown caused by trade tensions between America and other countries.

Prices have also been impacted by the plan of OPEC+ producers to increase oil production from April. Ole Hansen, Saxo Bank, says that the prospect of tighter U.S. sanction against Iran has more than offset the gradual increase in OPEC+ oil production.

He added that "China's plans for boosting consumption and new Red Sea risks" were supporting the market Monday.

Trump also said that he will speak with Russian President Vladimir Putin about ending the Ukraine War on Tuesday. The talks are expected to focus primarily on territorial concessions made by Kyiv, and the control of the Zaporizhzhia Nuclear Power Plant.

The negatives of crude are the tariffs, and the possibility that a Russia/Ukraine agreement would increase the amount of Russian crude on the global market.

(source: Reuters)