Oil Surges Near $100 as Middle East Tensions Escalate

U.S. stocks plummeted on Tuesday morning as tensions in the Middle East continued to escalate, pushing oil prices near $100 per barrel.

Brent crude oil surged 1.32% to $98.28 a barrel, its highest level in six weeks, after Yemen's Iranian-backed Houthis attacked energy facilities and cities in Saudi Arabia, highlighting the risk of conflict spreading throughout the region and complicating fuel supplies worldwide.

The Dow Jones Industrial Average dropped 1.21%, while the S&P 500 fell 0.49% and the Nasdaq Composite declined by 0.52% in the first hour of trading.

The European Central Bank is likely to raise euro zone interest rates this week, and the Bank of Japan may follow suit next week, sending the yen on a strong rally.