Commodities
Oil Prices Soar Above $100 as Tensions with Iran Escalate
Oil prices surged to their highest level since before Memorial Day on Thursday, climbing above $100 per barrel for U.S. crude and topping $105 for international standard Brent crude.
The jump in oil prices is largely due to the ongoing conflict with Iran, which has clogged the global flow of crude. This has worsened worries about inflation and put pressure on the bond market, contributing to a decline in stock futures.
Investors are now betting on a roughly 70% chance that the Federal Reserve will raise interest rates at its upcoming meeting next week, despite President Trump's lobbying for lower rates.