Middle East Tensions Send Oil Prices Soaring to Six-Week High
Oil prices have risen to their highest level in six weeks due to escalating tensions in the Middle East. A wave of Houthi attacks on oil facilities and utilities in Saudi Arabia's southern region has led to a surge in Brent crude, with prices increasing by 1.5% to $98.48 a barrel. This marks the highest price for Brent crude since it began rising.
The conflict between an important U.S. ally and Iranian-backed rebels in Yemen has pushed oil prices higher, raising costs for consumers and businesses alike. Elevated oil prices have also given this week's inflation data from the government even more weight than usual.
The Federal Reserve meets next week to decide whether to cut, raise or hold interest rates, a decision that has been complicated by a fairly sturdy job market and historically low employment rate.