Commodities
Crude Oil Prices Soar Amid Geopolitical Tensions and Inflation Data
Crude oil prices surged on Wednesday as escalating geopolitical tensions and inflation data weighed heavily on investors' minds.
The U.S. West Texas Intermediate (WTI) crude rose 0.89% to $83.94 per barrel, while Brent crude gained 0.78% to reach $89.60 per barrel.
Diminishing expectations of a U.S.-Iran de-escalation and ongoing uncertainties around the Strait of Hormuz pushed energy prices higher.
Investors are also closely monitoring the upcoming U.S. Consumer Price Index (CPI) report for July, which will influence the Federal Reserve's rate decision in September where annual inflation is expected to cool to 3.4%.