Middle East Tensions Push Oil Prices Near $100
Oil prices continued to flirt with the $100 mark on Tuesday, as geopolitical tensions in the Middle East remained high. Brent crude reached a daily high of $99.90 before paring gains overnight.
The price surge was fueled by news of Iranian-backed Houthis striking four cities in southern Saudi Arabia, injuring about 70 people, and the US striking Iranian tankers near Kharg Island.
In equities, European bourses closed mixed on Tuesday, with US indices closing broadly in the red. Energy names picked up a modest bid, helped by record average US diesel prices.
The yen remained strong, with USD/JPY trading around ¥153.60 overnight. This comes as investors await key macroeconomic data this week, including two US inflation reports and an ECB update expected to raise benchmark rates.