Commodities
Oil Prices Soar as Mideast Tensions Escalate
Global markets were roiled on Tuesday as tensions in the Middle East flared up. Oil prices jumped, closing in on $100 a barrel, while stocks mostly retreated.
The yen spiked against the dollar, with its value briefly hitting 152.89 yen to the US dollar, within reach of its February high of 152.10. This move put pressure on Japanese exporters and weighed down the Nikkei index, which was the worst performer among global stocks.
The situation in the Middle East was sparked by fresh attacks from Yemen's Houthi rebels on Saudi Arabia, leading to the halting of operations at several energy facilities in the kingdom. This added to the upward pressure on oil prices and heightened concerns about a potential disruption to global supplies.