Oil Prices Surge Near $100 as Iran Threatens Maritime Exclusion Zone

Investors returned to trading on Tuesday after the Labor Day holiday to find U.S. stock futures mixed, weighed down by concerns over rising oil prices and potential Federal Reserve rate hikes.

Rising tensions in the Middle East have added to uncertainty, with Iran threatening a maritime exclusion zone across the Persian Gulf in response to what it calls 'economic warfare' from the United States.

Oil prices climbed for a third straight session on Tuesday, with Brent crude rising 1.4% to a six-week high near $99 per barrel, a level that could signal a sustained move above the $100 mark and a bigger inflation risk.