Oil Prices Soar Amid Escalating Middle East Violence

Oil prices surged further on Tuesday as violence in the Middle East escalated, adding to global uncertainty. Brent crude climbed 0.8% to $91.23 per barrel after a U.S. attack on Iranian rocket launchers over the weekend.

The Strait of Hormuz, which accounts for about 20% of the world's oil shipments, has seen reduced traffic due to the conflict. This has led to higher prices for gasoline and other goods.

Asian shares were mixed, with Hong Kong's Hang Seng falling 0.9% to 25,332.10. The Shanghai Composite index was nearly unchanged, at 3,985.93. Tokyo's Nikkei 225 edged 0.2% higher.