Global Markets Tumble as Middle East Tensions Escalate

Global markets took a hit on Tuesday as tensions in the Middle East escalated. A wave of Houthi attacks on oil facilities and utilities in Saudi Arabia's southern region has led to renewed fighting between the US ally and Iranian-backed rebels in Yemen.

The conflict pushed oil prices higher, with Brent crude rising 1.5% to $98.48 a barrel and benchmark US crude surging 2.5% to $93.79 a barrel.

Stock markets around the world also felt the impact, with major indices like Germany's DAX, France's CAC 40, Britain's FTSE 100, Tokyo's Nikkei 225, and Australia's S&P/ASX 200 all declining.

In Japan, the value of the yen increased, which led to a sell-off in major exporters such as Toyota Motor Corp. and Panasonic Holdings Corp., with shares falling 4.1% and 5.8%, respectively.