Iran-US Tensions Send Oil Prices Soaring Above $90

Renewed tensions between the US and Iran have sent shockwaves through global markets. Oil prices rose above $90 per barrel after the US struck two missile launch pads on Larak Island, while Iran attacked US forces in Jordan.

The incident has put pressure on stock markets, with Asian markets down slightly and European ones expected to follow suit. The prospect of rising interest rates is also weighing on investors' minds.

The Federal Reserve's chairman, Kevin Warsh, reiterated the central bank's focus on fighting inflation, raising the prospect of a rate hike. Without clear signs that inflation is moving towards the Fed's 2% target, the bank will have 'more work to do,' he said.