Oil Prices Soar as US-Iran Conflict Escalates Amid Hawkish Warsh Comments
Oil prices surged more than two percent on Monday after US-Iran strikes, while equities were mixed following hawkish comments from Federal Reserve boss Kevin Warsh.
The spike in crude oil prices was triggered by a fresh flare-up in the US-Iran war, with both main contracts rising more than two percent. The news revived concerns about the conflict, which has pushed oil prices higher and hindered the Fed's battle against inflation.
Warsh's comments at the Jackson Hole symposium of central bankers and economists were seen as hawkish, with him saying he would be 'hard-pressed' to describe current financial conditions as 'restrictive', a potential hint that rate hikes could be on the horizon. However, he stopped short of explicitly signaling a September move.