Oil Price Surge Triggers Global Market Jitters Ahead of Potential Rate Hikes

Global markets are bracing for potential rate hikes as oil prices surge and geopolitical tensions rise. On Monday, Brent crude futures hit $97 a barrel, the highest in seven weeks, reflecting a significant increase since February.

The jump in oil prices is intensifying concerns over inflation worldwide, increasing the likelihood of central banks raising interest rates. The U.S. Federal Reserve and European Central Bank are among those that may consider rate hikes.

In Europe, far-right parties are gaining traction, potentially destabilizing the euro's long-term stability. Meanwhile, market indicators suggest potential rate hikes in Japan, with the yen gaining strength in currency markets.