Middle East Tensions Spark Global Market Decline

Global markets are experiencing a downturn as tensions in the Middle East escalate. Flaring conflict between Saudi Arabia and Iranian-backed rebels in Yemen has pushed oil prices higher. In response, world shares and US futures declined.

The Houthi attacks on oil facilities and utilities in Saudi Arabia's southern region have intensified renewed fighting between the two parties. As a result, Germany's DAX fell 0.3% to 25,922.44, while France's CAC 40 dropped 0.2% to 8,291.43.

The S&P 500 and Dow Jones Industrial Average futures are down 0.2% and 0.7%, respectively. Tokyo's Nikkei 225 also gave up early gains, sinking 1.7% to 65,269.33 due to a surge in the value of the Japanese yen.

Meanwhile, Brent crude oil prices rose 1.5% to $98.48 per barrel as tensions simmered between the US and Iran. Benchmark US crude surged 2.5% to $93.79 per barrel.