The airstrikes came after Iran-backed rebel groups marched on the port city of Aden.
Oil prices rose by as much as 6% after Saudi Arabia, the world's biggest crude exporter, and its allies launched airstrikes on rebel targets in Yemen.
The move has raised concerns that the conflict could spread in the oil-rich Middle East and possibly disrupt production in the region.
West Texas Intermediate crude futures, the US benchmark, rallied to about $51 (£34) a barrel.
Brent crude climbed to $59.71 a barrel during trading in Asia.
Yemen is located along an important international shipping route for global energy producers.
The Saudi-led airstrikes were launched after Iran-backed rebel groups marched on its southern port city of Aden.
Aside from Saudi Arabia, the United Arab Emirates, Bahrain, Qatar and Kuwait are also participating in the offensive.
Recent developments have raised fears that Iran - Saudi Arabia's regional rival - could be drawn into the conflict.
Both are members of the Organization of Petroleum Exporting Countries, the group that produces about 40% of the world's oil.
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