Oil Prices Soar 5% as Markets Eye Inflation Data and Hormuz Deal

Global markets are in flux as investors await key events this week. Oil prices have surged 5% on Monday, reaching $87.72 a barrel for Brent crude and $82.13 for U.S. West Texas Intermediate crude.

The rise in oil prices is driven by concerns over the Strait of Hormuz, which Iran insists will remain closed until several conditions are met, including compensation and an end to sanctions and military threats.

Meanwhile, Wall Street indexes have retreated, with the Dow Jones Industrial Average falling 0.11% to 53,975.98 and the S&P 500 edging down 0.06% to 7,753.11.

Economists polled by Reuters expect the Consumer Price Index to rise 3.4% year-on-year in data on Wednesday, which will impact Federal Reserve officials' thinking on interest rates.