Oil Prices Soar Amid Escalating Middle East Tensions

Oil prices surged higher on Tuesday as tensions in the Middle East escalated following recent fighting between Iran-backed rebels and an important US ally. The price of Brent crude rose to its highest level in about six weeks, reaching $98.48 a barrel. Benchmark US crude climbed 2.5% to $93.79 a barrel.

The surge in oil prices has raised costs for consumers and businesses alike, making this week's inflation data from the government particularly important. The Federal Reserve meets next week to decide whether to cut, raise or hold interest rates, with the decision complicated by a strong job market and historically low employment rate.