Oil Surges Past $106, Cryptos Tank Amid Interest Rate Hike Odds

Brent crude oil prices have surged past $106 per barrel, and market analysts are now predicting a 64% chance of an interest rate hike in the US. The increase in Brent's price has also led to a sell-off in cryptocurrencies.

The jump in Brent's price can be attributed to various factors, including supply chain disruptions and geopolitical tensions. This surge in oil prices has resulted in a corresponding impact on global markets, with investors seeking safe-haven assets such as the US dollar.

The rise in interest rate hike odds also contributed to the decline in cryptocurrency values. Bitcoin, Ethereum, and other major cryptocurrencies have seen significant losses, with market capitalization dropping by billions of dollars in recent days.