Oil Climbs Past 90 Dollars on Gulf Conflict
Oil prices climbed back above ninety dollars a barrel as conflict in the Gulf escalated with attacks involving United States and Iranian forces. The rise in energy costs pressured equity markets across Asia, Europe, and the United States while central bank rate hike expectations grew.
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Brent Crude Oil climbed 2.4% to trade above $90 a barrel on Monday morning after United States forces struck missile launchers in the Strait of Hormuz. The escalation follows retaliatory attacks by Iran against American positions in Jordan. The surging energy costs are weighing heavily on global equity markets ahead of a packed central bank calendar.
