Forex
Oil Prices Surge Amid Escalating Middle East Tensions
Oil prices surged on Tuesday, nearing $100 per barrel for the first time in years, as tensions escalated in the Middle East. The Houthis said Saudi Arabia retaliated with strikes after the group targeted oil facilities near the Bab al-Mandeb Strait.
The price of Brent crude, the international benchmark, rose to $97.92 per barrel, up from previous highs. This increase comes despite a lack of resolution in conflicts affecting oil supplies.
Major US stock indices fell as investors grew cautious amid rising inflation risks and potential Federal Reserve interest rate hikes. The S&P 500 lost 0.6 percent, while the Dow fell 1.2 percent.