Commodities
Middle East Violence Sends Oil Prices Higher Amid Global Market Uncertainty
Oil prices continued their upward trend on Tuesday as violence in the Middle East escalated, fueling uncertainty over the conflict's future.
The price of Brent crude gained 0.8% to $91.23 per barrel, while U.S. benchmark crude rose 1% to $86.62 per barrel.
Asian shares were mixed in trading on Tuesday, with Hong Kong's Hang Seng index falling 0.9% and the Shanghai Composite index remaining nearly unchanged.
The ongoing conflict has curtailed traffic in the Strait of Hormuz, which accounts for about 20% of the world's oil shipments, leading to higher energy prices that have fueled inflation.