Brent crude prices surged to $99.18 per barrel on Monday, their highest level since late July, dragging Wall Street lower ahead of the US consumer price index (CPI) report due later this week. The Dow Jones Industrial Average lost roughly 519 points (0.97%), the S&P 500 fell 0.30% and the Nasdaq Composite edged down 0.06%. This oil price rally is primarily driven by escalating US-Iran tensions, with attacks on Saudi energy facilities adding fresh supply-disruption risks to the market. Markets are now pricing in a 58.4% probability of a Federal Reserve rate hike at its September 16 meeting, amid renewed inflationary pressures.
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