Oil Prices Surge Amid Strait of Hormuz Tensions

Global markets are bracing for another turbulent week as bond and energy prices remain volatile. The month and quarter-end on Wednesday will bring significant market activity, with the US employment report due out on Friday.

The oil price has surged to over $108 per barrel, driven by President Trump's rejection of Iranian proposals to reopen the Strait of Hormuz and halt regional fighting. This development comes as global crude prices continue to rise.

Market analysts expect a jobs gain in September of 84,000, which is down from August's print but still well above estimates that would keep the unemployment rate steady at 4.1%. The Federal Reserve's decision to hike interest rates this month has sparked speculation about further tightening.