Commodities
US-Iran Tensions Send Oil Prices Soaring Past $100
Oil prices surged on Wednesday, reaching $100.95 per barrel for Brent crude and $95.21 for West Texas Intermediate (WTI), as US-Iran tensions escalated and concerns about possible disruptions to oil supplies grew.
The rise in oil prices adds pressure on the global economy, particularly in countries with high inflation rates, such as Colombia, where inflation reached 6.24% year over year in August.
Colombia's central bank has been working to contain inflation, but a sustained increase in energy prices could make it more difficult for prices to continue moderating.