Stocks drop as oil spike fans inflation and interest rate fears
- With the US and Iran exchanging strikes around the crucial Strait of Hormuz -- and Saudi Arabia entangled in a conflict with Yemeni rebels -- there appears little prospect of an end to the crisis, dealing a rally across markets.
- Brent crude struck past $101 on Wednesday for the first time since July and has surged more than 20 percent in less than a week as forces exchanged attacks on vessels in Hormuz.
- That has fanned speculation the Federal Reserve and other central banks will have to hike interest rates to tame prices -- US diesel is already at a record of almost $6 a gallon.
Unverified
- With the US and Iran exchanging strikes around the crucial Strait of Hormuz -- and Saudi Arabia entangled in a conflict with Yemeni rebels -- there appears little prospect of an end to the crisis, dealing a rally across markets.
- Brent crude struck past $101 on Wednesday for the first time since July and has surged more than 20 percent in less than a week as forces exchanged attacks on vessels in Hormuz.
- That has fanned speculation the Federal Reserve and other central banks will have to hike interest rates to tame prices -- US diesel is already at a record of almost $6 a gallon.
Sources: France 24