Oil Prices Soar Near $100 Amid Middle East Tensions

The US stock market opened lower on Tuesday as investors assessed renewed Middle East tensions and their potential impact on global energy supplies.

According to Reuters, Dow futures fell 0.75%, while S&P 500 futures slipped 0.31% and Nasdaq 100 futures declined 0.04% at 6:54 a.m. ET.

The weakness in the market was primarily linked to higher energy prices, with Brent crude futures rising 1.73% to $98.66 per barrel, reaching their highest level since late July.

Renewed geopolitical tensions in the Middle East have pushed oil prices sharply higher, increasing concerns about disruptions to oil markets and prolonged energy-price pressure that could make it harder for central banks to bring inflation down.