Brent Prices Rally Amid Geopolitical Tensions and US Inflation Data

The global markets are on high alert as the US inflation data is set to be released, which could significantly impact expectations for the Federal Reserve's September meeting. Brent prices have been rising for a sixth consecutive session and may post their longest winning streak since late April.

The increase in energy prices is adding pressure on central banks trying to contain inflation. The Reserve Bank of Australia left interest rates unchanged on Tuesday, maintaining its hawkish monetary policy stance.

The US consumer price index for July could shape sentiment ahead of the Fed's September meeting, with money markets putting the probability of a rate hike at around 50%. The CPI reading is expected to show a 0.1% rise in July after falling 0.4% in June, and annual inflation likely slowed to 3.4% from 3.5% a month earlier.