Oil prices fell today after spiking the previous day as Saudi Arabian jets struck rebel targets in Yemen, sparking supply fears in the crude-rich Middle East. 

Brent North Sea crude for delivery in May sank 63 cents to $58.56 a barrel in London deals. 

US benchmark West Texas Intermediate (WTI) for May slid 81 cents to $50.62 a barrel. 

Prices had risen sharply earlier this week after a Saudi Arabia-led coalition bombed Huthi Shiite rebels in support of Yemen's embattled President Abedrabbo Mansour Hadi. 

WTI struck a one-month high of $52.48 and Brent jumped to a March 9 peak of $59.78 yesterday. However, the market has since pulled lower owing to no disruption to oil supplies. 

Yemen is bordered by key Middle East oil producers Saudi Arabia and Oman. 

Analysts said that oil prices have cooled as the initial panic over the consequences of Saudi Arabia's military action in Yemen and the harm it might cause its oil distribution have failed to materialise. 

Yemen has been gripped by turmoil since the Shiite rebels launched a power takeover in Sanaa in February. 

Warplanes from the Saudi-led coalition kept up raids against Huthi Shiite rebels today as Hadi headed to an Arab summit to garner support as Shiite majority Iran warned the intervention was "dangerous". 

There are concerns that an escalation of the conflict could disrupt oil shipments passing through the Bab el-Mandeb Strait, located between Yemen and Djibouti and through which about 3.8 million barrels of oil per day are transported. 

Other analysts said the impact of the Yemen crisis on the market was tempered by the crude oversupply, which has been fanned by record US stockpiles and the OPEC cartel's refusal to slash production.