Oil Price Surges as Middle East Tensions Escalate

The price of oil has surged to nearly $100 per barrel following hostilities in the Middle East, which escalated on Tuesday. The Kingdom of Saudi Arabia's Ministry of Foreign Affairs confirmed that Houthi strikes targeting energy infrastructure resulted in 73 civilian injuries.

The Ministry warned against further escalation and threats to maritime navigation. Secretary of State Marco Rubio stated that 'some of this is clearly the Iranian hand,' suggesting Iran's involvement with the Houthis.

Brent crude traded close to $100 per barrel on Tuesday, while the Iranian regime threatened to extend its grip beyond the Strait of Hormuz. The Trump administration has been tracking developments closely and announced new sanctions targeting the Iranian aviation industry.