Brent Crude Hits $97.49 as US War with Iran Continues

Oil prices have been climbing due to inflation and the ongoing US war with Iran. The price of Brent crude has risen by 1.4% to $97.49 a barrel, while benchmark US crude gained 1.2% to $90.42 a barrel.

The current oil prices are significantly higher than they were at this point last year, with both costing about $30 more per barrel. The rising oil prices are contributing to stubborn inflation rates in the US, which have remained above 3% for most of the year, exceeding the Federal Reserve's target rate of 2%. As a result, Wall Street expects the central bank to raise its benchmark interest rate again at its next meeting in October.

The increased bond yields are also putting pressure on stocks and other investments. The 10-year Treasury yield has reached 5.24%, close to levels last seen in 2007 before the financial crisis. Analyst Tina Teng from Moomoo noted that while there are macroeconomic headwinds, the underlying US economy remains resilient.