Middle East Tensions Send Oil Prices Soaring

Oil prices surged on Tuesday as the conflict in the Middle East escalated, sending shockwaves through global markets. The price of WTI crude rose by 2.6% to $93.84 a barrel, while Brent gained 1.6% to $98.50.

The increase was attributed to Saudi Arabia's energy ministry halting operations at some facilities following strikes and the Houthi group in Yemen attacking Saudi Aramco sites.

Investors are bracing for August inflation data, which is set to be released on Thursday and Friday, respectively. Energy costs are a key component of inflation, and any significant spikes can lead to higher yields on bonds.

This, in turn, may put pressure on rate-sensitive US stocks, particularly long-duration growth companies whose profits are expected further in the future.