Oil Prices Soar Amid Escalating Middle East Conflict

Oil prices surged to their highest level in about six weeks on Tuesday, climbing 0.9% to $98.48 per barrel for Brent crude and 2.5% to $93.79 per barrel for U.S. crude.

The increase was attributed to the ongoing conflict between Iran-backed rebels in Yemen and Saudi Arabia, a key ally of the United States.

Meanwhile, US stocks slipped in early trading, with the S&P 500 falling 0.2%, the Dow Jones Industrial Average losing 543 points or 1%, and the Nasdaq composite dropping 0.2%.