Oil Prices Soar Amid Escalating Middle East Tensions
Global stock markets and US futures declined on Tuesday as tensions escalated in the Middle East conflict. Oil prices rose higher, driven by Houthi attacks on oil facilities and utilities in Saudi Arabia's southern region.
The US dollar edged down to 154.25 Japanese yen from 154.34 yen, while the value of the yen has gained against the dollar in recent days due to expectations that the US and Japanese governments might intervene to prevent further weakening.
Oil prices have increased significantly since the US launched its attacks on Iran in late February, with benchmark US crude surging 2.5% to $93.79 a barrel. Brent crude, the international standard, added 1.5% to $98.48 a barrel.
The escalation of tensions in the Middle East has raised costs for consumers and businesses alike, making this week's inflation data from the government even more crucial. The Federal Reserve meets next week to decide whether to cut or raise interest rates.