Middle East Tensions Send Oil Prices Soaring Amid Asian Stock Declines

Asian stocks and US futures declined on Tuesday as tensions in the Middle East pushed oil prices higher. The conflict began with a wave of Houthi attacks on oil facilities and utilities in Saudi Arabia's southern region, escalating a renewed conflict between the US ally and Iranian-backed rebels in Yemen.

The Tokyo Nikkei 225 index fell 1.7% to 65,269.33 as major exporters were sold due to a surge in the value of the Japanese yen. This decline was part of a broader trend across Asia, with stocks in other countries also experiencing losses.

Oil prices continued to rise due to the increased tensions in the Middle East. The conflict has raised concerns about supply disruptions and potential price spikes.