US oil prices spike above $96/barrel (+44% since July 2) amid Iran tensions, raising inflation concerns ahead of CPI data and potentially complicating Fed rate decisions.
Macro & Markets ·
US oil prices have risen above $96 per barrel, up 44 percent since July 2nd, amid tensions with Iran that lack accompanying diplomatic negotiations or official statements from the White House. A hot consumer price reading due tomorrow could complicate the Federal Reserve's ability to justify pausing interest rate increases, given the inflationary pressure from elevated energy costs.