Middle East Tensions Weigh on Global Markets as Oil Prices Soar

Asian and US stock futures declined on Tuesday as tensions in the Middle East pushed oil prices higher. The conflict between Saudi Arabia and Iranian-backed rebels in Yemen escalated, with Houthi attacks on oil facilities and utilities.

The S&P 500 future dropped 0.2%, while the Dow Jones Industrial Average fell 0.7%. Tokyo's Nikkei 225 sank 1.7% to 65,269.33 as major exporters were sold due to a surge in the value of the Japanese yen.

The US dollar slipped to 153.86 Japanese yen from 154.34 yen on Tuesday. The yen has gained value against the dollar in recent days on expectations that the US and Japanese governments might intervene to prevent it from weakening further.