Oil Prices Soar as Middle East Tensions Escalate Global Market Decline
Global markets took a hit on Tuesday as tensions in the Middle East pushed oil prices higher. The Houthi attacks on Saudi Arabia's southern region have escalated renewed fighting between the US ally and Iranian-backed rebels in Yemen.
In early European trading, Germany's DAX declined by 0.3% to 25,922.44, while France's CAC 40 fell 0.2% to 8,291.43. Britain's FTSE 100 was nearly unchanged at 10,824.32.
US futures also took a hit, with the S&P 500 future down by 0.2% and the Dow Jones Industrial Average falling by 0.7%. Tokyo's Nikkei 225 gave up early gains, sinking 1.7% to 65,269.33 due to major exporters being sold off as the Japanese yen surged in value.
Brent crude added 1.5% to $98.48 a barrel and US crude surged by 2.5% to $93.79 a barrel as tensions simmered in the six-month US war with Iran.