US-Iran Tensions Send Oil Prices Soaring

The US military launched its first action in a month against Iran on Sunday, striking Iranian rocket launchers on the Strait of Hormuz.

Oil prices rose as a result, with Brent crude increasing by 2.8% to $90.59 per barrel.

This surge in oil prices has contributed to already high inflation rates, which have been weighing heavily on household spending and consumer confidence.

The Federal Reserve is expected to raise interest rates at least once before the year ends in an effort to cool inflation, despite concerns that this could hurt the jobs market.