ECB Decision and US PPI Data Ahead as Oil Tops $100

Oil prices have surpassed $100 per barrel for the first time since late July, driven by escalating tensions in the Middle East.

The Strait of Hormuz has been largely closed due to ongoing conflicts between the US and Iran, resulting in a significant risk premium being added to oil prices.

The rise in oil prices has also contributed to a sell-off in bonds, with front-end US yields reaching their highest level since 2023.

Today's focus will be on the ECB decision and US PPI data, which is expected to have a significant impact on markets.