US Fed Set to Raise Interest Rates Amid Crude Price Surge

The US Federal Reserve is expected to raise interest rates to tackle persistently high inflation as crude prices surge towards $110 per barrel.

Oil costs have increased due to the ongoing Middle East crisis, with average diesel prices in the United States reaching a record high of just under $6.27 per gallon.

This has put pressure on central banks to temper global inflation and raise borrowing costs.

The European Central Bank last week lifted interest rates in the euro zone, while the Bank of England is forecast to maintain its benchmark rate on Thursday.