Oil Prices Soar as Middle East Tensions Remain High

Oil prices continued to rise on Tuesday, with Brent crude gaining 0.8% to $91.23 per barrel and US benchmark crude increasing by 1% to $86.62 per barrel.

The increase in oil prices comes as tensions in the Middle East remain high following a series of recent attacks and counterattacks between Iran and the US. The Strait of Hormuz, which accounts for about 20% of the world's oil shipments, has been affected by the conflict, leading to higher energy costs.

Asian stock markets were mixed on Tuesday, with Hong Kong's Hang Seng falling 0.9% and the Shanghai Composite index remaining nearly unchanged. Tokyo's Nikkei 225 edged 0.2% higher, while South Korea's Kospi added more than 0.2%.