Oil Prices Skyrocket Amid Fed Rate Hike Fears and Middle East Tensions

Global markets were mixed on Monday, with European shares declining and US futures dipping in anticipation of a potential interest rate hike by the Federal Reserve. In Europe, Germany's DAX lost 0.9% to 26,339.04, while the CAC 40 in Paris edged 0.1% lower.

The Dow Jones Industrial Average and S&P 500 futures also fell 0.2%, reflecting concerns about the Fed's move. This has heightened expectations that rates may rise soon, which could slow economic growth and hurt investment prices.

The news from the Middle East contributed to a surge in oil prices, with Brent crude jumping 3.8% to $91.40 per barrel and US benchmark crude rising by the same percentage to $86.58 per barrel.