Oil Prices Soar as Fed Rate Hike Looms

The week's economic news was dominated by rising tensions in the Middle East and increasing expectations of a U.S. interest rate hike.

Last week, projectiles reportedly hit Saudi Arabia's East-West oil pipeline system, pushing WTI crude oil above $100 for the first time since May.

This surge in oil prices, combined with higher long-term U.S. interest rates, put pressure on global stock markets throughout the week.

The U.S. PPI and CPI inflation numbers were close to expectations but remained high, increasing the likelihood of a rate hike at this week's Federal Reserve meeting.