Brent Crude Approaches $100 a Barrel as Global Markets Worry about Inflation

Global stock markets were mixed on Wednesday as investors anxiously awaited key economic indicators and developments in the Middle East. The price of Brent crude oil approached $100 a barrel, pushing up concerns about high inflation.

The international standard for Brent crude oil surged 2.5% to $100.39 a barrel, while U.S. benchmark crude gained 1.9% to $94.85 a barrel. France's CAC 40 fell 1.1%, the German DAX declined 0.9%, and Britain's FTSE 100 shed 0.5%. In Asia, Japan's Nikkei 225 lost 0.2%, while South Korea's Kospi gained 1.4%.

The upcoming U.S. inflation report on Friday will reveal how much prices have increased for everyday items in August compared to the same period last year. Economists expect a slight easing of consumer inflation from July's 3.4% to 3.3%, which is still above the Federal Reserve's target of 2%. The Fed meets next week to decide on interest rates, with market watchers expecting an increase.

Japan's central bank will also meet next week to consider a rate hike, with some analysts predicting multiple increases this year. Meanwhile, the U.S. Treasury secretary has spoken out against Japanese government policies that favor a weak yen, saying traders can 'bet against' him following the recent joint intervention on July 31.