Commodities
Brent Oil Surges Past $100 Amid US-Iran Conflict
The Brent oil benchmark surged past $100 per barrel on Wednesday for the first time since late July, driven by renewed US-Iran hostilities in the Middle East. This increase has sparked concerns about widespread price rises and interest rate hikes.
Kathleen Brooks, research director at XTB trading group, noted that the $100-a-barrel mark is a 'psychological level' for markets, which can raise costs for businesses and consumers and weigh on economic growth.
Average diesel prices in the US have reached a record high of $5.94 per gallon, putting pressure on President Donald Trump ahead of November's midterm elections.