Oil Prices Surge Above $90 Per Barrel Amid US-Iran Conflict

Oil prices surged above $90 per barrel after a fresh flare-up in the US-Iran war, as tensions escalate and fears of further conflict mount.

The Brent international benchmark rose by over two percent to $90.26 per barrel, while West Texas Intermediate jumped to $85.51 per barrel, both up 2.5 percent from Friday's close.

The spike in oil prices is also putting upward pressure on inflation, currently at 3.7 percent, nearly double the US Federal Reserve's two-percent target.

Fed chief Kevin Warsh hinted at a potential rate hike during his speech at the Jackson Hole symposium, calling the current inflation rate 'concerning' and saying he would be 'hard-pressed' to describe financial conditions as 'restrictive',