WTI Crude Oil Surges Past $100 Amid Ongoing Macro Pressures

Crude oil prices have crossed the $100 threshold for the first time in over three months, driven by continued macroeconomic pressures. According to FOREX.com, WTI crude oil is up 11.65% so far this week and on pace for its second strongest weekly gain since the Iran war began back in March.

The jump in oil prices has added fuel to concerns about inflation, which could be exacerbated by higher energy costs. Inflation data due tomorrow morning may provide some clarity on this front, but markets are bracing for a potential further rise in prices.

US Treasury yields have reached multi-year highs, adding to the government's debt woes. President Trump and US Treasury Secretary Scott Bessent have signaled that the country will 'grow its way out of debt,' rather than implementing austerity measures or higher taxes.

The situation is complicated by the dwindling supply buffer from the Strategic Petroleum Reserve (SPR), which was drained earlier this year to combat rising prices. The conflict in Iran continues, with some broadening in scope, adding to concerns about global oil supplies.