Middle East Conflict Drives Oil Prices Higher Amid Global Market Uncertainty

The ongoing conflict in the Middle East has led to increased uncertainty for global markets. Oil prices have risen as violence flares, causing Brent crude to climb 0.8% to $91.23 per barrel.

The Strait of Hormuz, which accounts for about 20% of the world's oil shipments, remains a key point of contention. The US attack on rocket launchers on an Iranian island has curtailed traffic in the strait, leading to higher energy prices and increased inflation.

Asian shares were mixed, with Hong Kong's Hang Seng falling 0.9% and the Shanghai Composite index remaining nearly unchanged. However, Tokyo's Nikkei 225 edged 0.2% higher.