Oil prices climbed to $109 a barrel, according to Al Jazeera, as intensifying conflict in the Middle East pushed crude to highs not seen in roughly four months. The report says the surge has raised the likelihood that the US Federal Reserve will increase interest rates.
Brent crude settled above $100 a barrel as the conflict deepened, ThePrint reported. CNBC reported that prices were set to close the week above $100 for the first time in nearly four months, while OilPrice.com described the move as a jump to four-month highs as war risks mounted.
The Times of India reported that oil touched $107 per barrel, linking the rise to the Strait of Hormuz remaining choked for more than six months. Al Jazeera's headline figure of $109 reflects the same upward move in crude markets.
The combination of constrained flows through Hormuz and escalating regional hostilities has kept upward pressure on prices. Higher energy costs feed into broader inflation, which is the channel through which the oil rally is said to affect the outlook for US interest rates, per Al Jazeera's framing.
What to watch next: whether Brent holds above $100 and whether the Hormuz situation eases, both of which would shape expectations for US rate policy.