Oil Prices Soar as Middle East Violence Escalates

Oil prices have surged again, this time by over 5% to more than $86 per barrel, as fighting in the Middle East has intensified. The escalation of violence has led to a sharp increase in oil prices, which had previously eased from their two-month high.

The price jump is attributed to renewed hostilities between Iran and its neighbors, particularly Jordan and the US, after Iranian missile barrages were intercepted. This development has caused concerns about global supply chains and the flow of crude oil through strategic waterways such as the Strait of Hormuz.

Meanwhile, US stocks have taken a hit ahead of the Federal Reserve's decision on interest rates later today. While no rate hike is expected at this meeting, 76% of Wall Street traders predict a rate increase in September.