Oil Prices Surge Near $100 Amid Middle East Tensions

Oil prices reached near $100 a barrel on Tuesday due to heightened tensions in the Middle East, stoking fears of inflation and potentially influencing the Federal Reserve's interest rate decision.

The Saudi energy ministry reported disruptions at some facilities following strikes from Iran-aligned Houthis, with over 70 people wounded and fires still being contained.

Oil prices surged as a result, with Brent crude futures jumping 1% to settle at $97.92 a barrel, while West Texas Intermediate crude rose nearly 2% to $93.03.

The Dow Jones Industrial Average fell by 628 points, or 1.2%, and the S&P 500 and Nasdaq slumped by 0.6% and 0.3%, respectively, as investors worried about a potential interest rate hike.