Oil Prices Climb as Global Markets Turn Nervous
Global oil prices have surged to their highest levels in months, driven by renewed conflict between the U.S. and Iran, rattling equity markets and bond yields.
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Global oil prices have surged to their highest levels in months, driven by renewed conflict between the U.S. and Iran, rattling equity markets and bond yields.
Investors added a net $46.1 billion to global money-market funds in the week through September 2 as US-Iran tensions and a global bond selloff increased demand for cash and shorter-duration debt.
Renewed U.S.-Iran fighting is driving oil volatility, inflation fears and higher global bond yields, putting pressure on stocks and borrowing costs worldwide.
Brent crude topped $91 a barrel as renewed military strikes between the United States and Iran near the Strait of Hormuz revived fears of a wider energy supply disruption.
Russia has extended its ban on diesel exports by producers until September 30, citing the need to stabilize domestic fuel supplies amid refinery outages and seasonal demand.
Global equities weakened on Monday as investors awaited details of expected new U.S. sanctions on Iran and assessed the risk of further disruption to energy shipments through the Strait of Hormuz.
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