Fed Hike Looms Amidst Oil Price Surge

The US Federal Reserve is likely to hike interest rates soon due to high oil prices and record American diesel costs, despite concerns that it may dent economic growth.

New data released by the Bureau of Labor Statistics showed that consumer inflation remained unchanged at 3.4 percent in August, above the Fed's two percent target.

The European Central Bank has already raised eurozone borrowing costs, citing energy cost effects from the Middle East conflict.

Despite this, Wall Street rose on Friday, with the Dow adding one percent and the S&P 500 following behind at 0.9 percent.