Oil Prices Surge Amid Middle East Tensions

Global stock markets were mixed in early trading on Tuesday as tensions between Saudi Arabia and Iranian-backed rebels in Yemen pushed oil prices higher.

The U.S. dollar slipped to 154.25 Japanese yen, with major exporters such as Toyota Motor Corp. and Panasonic Holdings Corp. falling by 4.1% and 5.8%, respectively.

Brent crude, the international standard, rose 1.5% to $98.48 a barrel, its highest level in about six weeks, while benchmark U.S. crude surged 2.5% to $93.79 a barrel, up 40% from late February.

The increase in oil prices has raised costs for consumers and businesses alike, making this week's inflation data from the government even more significant.