Oil Prices Soar as Geopolitical Tensions Escalate Ahead of US Inflation Data

Oil and gold prices surged as geopolitical tensions escalated ahead of key U.S. inflation data on Wednesday.

The U.S. and Yemen's Iran-aligned Houthis reported separate attacks on shipping, while Asia was rattled by an early morning missile launch by North Korea.

U.S. crude rose 0.89% to $83.94 a barrel, with Brent advancing to $89.60 per barrel, up 0.78% on the day.

Skye Masters, head of markets research at National Australia Bank, said 'Everyone's got their eyes on the CPI report.'