Higher crude prices fan inflation fears
A driver fills his vehicle up with gas in Los Angeles, California on September 8, 2026. (AFP Photo)
Oil prices jumped more than one percent towards $100 on Sept. 9 and stocks struggled in Asian markets as a fresh flare-up in the Middle East crisis stoked supply concerns, putting upward pressure on inflation ahead of key U.S. data at the end of the week.
With the U.S.-Iran conflict now in its seventh month and showing no sign of calming despite White House claims of an imminent deal, investors are growing increasingly anxious that the Federal Reserve will have to hike interest rates to cap surging consumer prices.
Both main crude contracts jumped more than one percent on Sept. 9, with Brent hitting as high as $99.67 and a whisker away from the $100 last touched in July. West Texas Intermediate was heading towards $95 for the first time since June.
