$100 Oil: Middle East Tensions Fuel Price Surge

International oil prices have surged above $100 per barrel for the first time in nearly two months, driven by escalating tensions in the Middle East and rising inflation concerns.

The price of Brent crude rose 6.4% to $100.05 per barrel on May 23rd, marking its highest level since May 26th.

This surge has also pushed up U.S. Treasury yields, with the 2-year yield climbing to 4.36% and the 10-year yield reaching 4.70%, its highest level in over a year.

The Wall Street Journal noted that these increases have raised concerns about further interest rate hikes by the Federal Reserve.