Oil Prices Soar Amid Escalating Mideast Conflict

Oil prices surged by 2% on Tuesday after violence in the Iran war escalated, adding to global uncertainty. The conflict has curtailed traffic through the Strait of Hormuz, which accounts for about 20% of the world's oil shipments.

The Brent crude price rose to $92.35 per barrel, while U.S. benchmark crude climbed 2.5% to $87.84 per barrel. Shares in various stock markets also suffered losses, with Germany's DAX losing 1.1%, and Britain's FTSE 100 declining 1.1%.

The S&P/ASX 200 in Australia slipped 0.1%, while Taiwan's Taiex picked up 1.8%. Energy stocks, however, notched gains, with Exxon Mobil rising 2.7% and Chevron increasing by 2.1%.