Oil jumps to $105, pushing up chances of a US interest rate increase

NEWS SUMMARY

Oil prices surged past $100 a barrel, with Brent crude hitting $105, following intensified attacks on shipping in the Strait of Hormuz and Red Sea, attributed to Iran and its allies. This escalation in supply disruption fears has increased the likelihood of a US interest rate hike, as traders now price in a nearly 70 percent chance of an increase at the next Federal Reserve meeting.

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Prices spiked as attacks on oil tankers escalated amid the US-Iran war.

Oil jumps to $105, pushing up chances of a US interest rate increase

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