Oil Prices Climb as Middle East Conflicts Intensify

Oil prices saw a significant increase on Tuesday, driven by escalating tensions in the Middle East and the potential impact on oil supply. The recent U.S. strikes in Yemen and Israel's aggressive actions in the Gaza Strip have heightened fears of a broader conflict, with the Houthi militant group in Yemen threatening to escalate hostilities further. This group has previously targeted international cargo vessels, disrupting the crucial Red Sea shipping route.

By early morning trading, West Texas Intermediate (WTI) for April delivery had risen by 1.23% to $68.43 per barrel, while Brent crude for May delivery increased by 1.27% to $71.90 per barrel. These developments underscore the market's sensitivity to geopolitical tensions in the oil-rich Middle East.