Oil Prices Soar Near $100 Amid Escalating Middle East Tensions
Global oil prices surged on Tuesday, reaching near-record highs as tensions in the Middle East escalated. Brent North Sea Crude rose by 1.7 percent to $98.64 per barrel, while West Texas Intermediate increased by 2.7 percent to $93.90 per barrel.
The price hike was largely driven by fresh attacks from Yemen's Houthi rebels on Saudi Arabia, which led to the halting of operations at several energy facilities in the kingdom.
Meanwhile, investors are bracing for potential interest rate hikes from the Federal Reserve and the Bank of Japan. The yen spiked against the dollar, trading above 154, as traders bet on a rate increase by the BoJ.
The rising oil prices and inflation concerns are putting pressure on the US central bank to raise rates soon. President Donald Trump's threats to block Canadian plane manufacturer Bombardier also weighed on markets, while pharmaceutical giant Novartis saw its share price slump after disappointing trial results for a treatment for a neurological disease.