Commodities
Middle East Clashes Send Oil Prices Soaring Amid Global Market Volatility
The ongoing clashes in the Middle East have sent shockwaves through global markets. US futures are mostly lower, with the S&P 500 down 0.1% and the Nasdaq slipping 0.2%. Meanwhile, oil prices continue to climb, with Brent crude rising 1.8% to $97.33 per barrel.
The violence escalated after Iran fired at Kuwait in retaliation for US bombardments earlier this week. The US hit Iranian rocket launchers on an island in the Strait of Hormuz, claiming Iran was planning to use them to send mines into the waterway.
Rising oil prices have added to existing inflationary pressures, with the yield on the 10-year US Treasury up 0.94% this week. The crucial US employment report for August is due out Friday.