Nuxt fails to launch - possible OpenSSL/Node compatibility issue - node.js

Question

I have a fresh Nuxt app which I am having trouble getting to launch. I have completed the installation with npm install but after I run npm run dev I get the following error:
node:internal/crypto/hash:71
this[kHandle] = new _Hash(algorithm, xofLen);
^
Error: error:0308010C:digital envelope routines::unsupported
at new Hash (node:internal/crypto/hash:71:19)
at Object.createHash (node:crypto:133:10)
at module.exports (C:\Users\Dell\Documents\23\code\nuxt\my-crm-app\node_modules\webpack\lib\util\createHash.js:135:53)
at NormalModule._initBuildHash (C:\Users\Dell\Documents\23\code\nuxt\my-crm-app\node_modules\webpack\lib\NormalModule.js:417:16)
at handleParseError (C:\Users\Dell\Documents\23\code\nuxt\my-crm-app\node_modules\webpack\lib\NormalModule.js:471:10)
at C:\Users\Dell\Documents\23\code\nuxt\my-crm-app\node_modules\webpack\lib\NormalModule.js:503:5
at C:\Users\Dell\Documents\23\code\nuxt\my-crm-app\node_modules\webpack\lib\NormalModule.js:358:12
at C:\Users\Dell\Documents\23\code\nuxt\my-crm-app\node_modules\webpack\node_modules\loader-runner\lib\LoaderRunner.js:373:3
at iterateNormalLoaders (C:\Users\Dell\Documents\23\code\nuxt\my-crm-app\node_modules\webpack\node_modules\loader-runner\lib\LoaderRunner.js:214:10)
at Array.<anonymous> (C:\Users\Dell\Documents\23\code\nuxt\my-crm-app\node_modules\webpack\node_modules\loader-runner\lib\LoaderRunner.js:205:4) {
opensslErrorStack: [ 'error:03000086:digital envelope routines::initialization error' ],
library: 'digital envelope routines',
reason: 'unsupported',
code: 'ERR_OSSL_EVP_UNSUPPORTED'
}
Node.js v18.13.0
I've done some research and it seemed to be a compatibility issue between my version of Node and the installed version of OpenSSL on my Windows machine.
I have tried uninstalling OpenSSL and installing the proposed compatible version, which seems to be v1.1.1. I have also checked and double checked the path to the new OpenSSL install is correct in the system environment variables.
However, none of this has solved the problem and I'm out of ideas.
I am just trying to get started with Nuxt but already running into issues even getting it to build a starter app. If anyone can help me resolve this I'd much appreciate it.