Oil Surges to $99.46 as Attacks on Saudi Facilities Complicate Inflation Outlook

The price of oil has surged to nearly $100 a barrel following attacks on Saudi energy facilities by Yemen's Houthi movement. Brent crude futures reached $99.46 before trading at $98.63, while spot prices touched $101 intraday.

This fresh disruption could complicate the inflation outlook and potentially impact the Federal Reserve's decision on interest rates. Friday's US consumer-price report will provide August's figures, but it won't capture the effects of this new energy shock.

Fed Governor Christopher Waller has stated that continued disinflation would incline him to support holding rates, while hot inflation could lead to a hike. He also identified renewed energy-price increases as an upside risk, although he noted earlier fears about energy costs spreading through goods and services have not materialized.

Bitcoin's price stood near $78,300 at press time, down 1.52% over 24 hours but still up 20% over the past 30 days.