Oil Prices Soar Near $100 Per Barrel Amid Middle East Tensions
Oil prices have once again reached nearly $100 per barrel as tensions in the Middle East continue to escalate, putting pressure on the global flow of oil and weighing on inflation concerns.
The price of Brent crude briefly climbed as high as $99.46 before settling at $97.92, up 0.9% from Monday's close. This marks a significant increase from its early July price of around $72 per barrel.
As oil prices continue to rise, concerns about inflation are growing, particularly ahead of this week's key economic reports. On Thursday, the U.S. government will release its August report on wholesale inflation, which is expected to show a significant acceleration to 5.4% from July's 4.7%. The more closely watched consumer price index (CPI) report is scheduled for Friday and is expected to show a slight easing of inflation to 3.3% from July's 3.4%, although this remains well above the Federal Reserve's target rate of 2%.