Oil Prices Soar Amid Escalating Middle East Conflict

Global oil prices have risen as the Middle East conflict continues to escalate. Brent crude has gained 0.8% to $91.23 per barrel, while US benchmark crude rose by 1% to $86.62 per barrel.

The Strait of Hormuz, a key shipping route that accounts for about 20% of global oil shipments, remains closed due to the conflict. This has contributed to higher energy prices, which have fueled already stubbornly high inflation above the Federal Reserve's 2% target.

Stock markets in Asia were mixed on Tuesday, with Hong Kong's Hang Seng index falling 0.9%, while Tokyo's Nikkei 225 edged up 0.2%. US futures were also higher by 0.1%.