World oil prices rallied Tuesday, once more closing in on $100 a barrel, and stock markets mostly retreated owing to a flare-up in the Middle East war.

Brent crude moved closer to $100 as renewed U.S.-Iran tensions and threats to Gulf shipping raised fears of prolonged oil supply disruptions.

Oil prices surge as Brent nears $100 after Saudi energy attacks and Iran-US threats raise fears of supply disruptions through the Strait of Hormuz. | Business News

Iranian retaliation and Yemeni militia group's attacks in Saudi Arabia heighten concerns