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Commodities

Oil Prices Skyrocket Amid US-Iran Tensions

Guavy AI Editorial Team
Instruments
Oil
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Oil prices surged over 7% on Wednesday, fueled by renewed hostilities between the US and Iran, which added to inflation concerns just hours before the Federal Reserve's interest-rate decision. West Texas Intermediate rose above $84, while Brent approached $90.

The price jump came after President Donald Trump indicated that Washington would respond forcefully to an attack on a U.S. base in Jordan, amid fresh threats to shipping through the Bab el-Mandeb Strait. Iran-backed Houthi forces warned they are considering imposing fees on commercial vessels using the strategic waterway, further escalating tensions.

The move accelerated pressure on the Federal Reserve, which is set to make its latest rate decision amidst a divided market. Some investors believe policymakers will keep rates unchanged, while others expect an increase in response to rising inflation risks.

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