Oil prices have climbed about 14% in the past week as the Strait of Hormuz remains effectively shut amid the Iran war.
Oil prices rose again on Wednesday, and stock markets were mixed, with eyes on the release of key US inflation data that could guide the Federal Reserve on its plans for interest rates.
Traders trod nervously ahead of the consumer price index (CPI) figures, which follow a report last week showing the world's top economy lost more than 20,000 jobs last month, suggesting the labour market was slackening.
With inflation stubbornly elevated above the Fed's two percent target for more than five years – compounded by the Iran war since February – monetary policymakers are increasingly considering lifting borrowing costs.
The bank's July meeting saw three board members call for an increase, dissenting from the final decision to hold rates, and investors are betting they will announce one before the end of the year, with some eyeing at least two.
