ASX set to slump, Wall Street falls as oil climbs to its highest mark since May

ASX set to slump, Wall Street falls as oil climbs to its highest mark since May

Oil hits $105+ (Iran war blocks Hormuz) crashing markets—S&P -0.5%, ASX -1%; Fed rate hike 72% probable. Inflation at 5.4% with higher rates ahead compresses IT budgets, raises infrastructure costs, delays enterprise digital transformation and AI investments.