US Stocks Slide as Oil Prices Reach Triple Digits Amid Middle East Conflict
The US stock market is set to open lower as crude oil prices breach $100 per barrel due to escalating violence in the Middle East. This marks a significant milestone, with Brent crude reaching triple digits for the first time in nearly six weeks.
Fighting in the region has disrupted global oil supply chains, leading to rising energy costs and increased inflationary pressures. As a result, the average price of regular gasoline has ticked up 7 cents overnight to $4.22 per gallon, exceeding last year's prices by over $1.
The US government is also releasing key inflation data this week, with the Consumer Price Index expected to show a slight easing in consumer inflation from July's 3.4% to 3.3%. The Federal Reserve will meet next week to decide on interest rates, with economists expecting a possible rate hike.