Fed Hike Odds Soar as Oil Prices Climb Amid US-Iran Conflict

Odds of an interest rate hike by the Federal Reserve in its next meeting have increased to 71.6%, according to the CME Group's Fed Watch tool, up from 61.2% on Wednesday.

The rise in oil prices and Treasury yields has contributed to this increase. Yields climbed more than 2.32% at 2:10 p.m. ET, with the benchmark 10-year note standing at 4.951%.

The European Central Bank (ECB) also hiked rates on Thursday, increasing the benchmark rate to 2.5% from 2.25%. The ECB noted that the ongoing conflict between the U.S. and Iran is putting pressure on prices.