Oil price jumps as US-Iran clashes raise odds of interest rate rises

Oil prices soared and the likelihood of interest rate hikes in Europe has spiked due to escalating tensions between the US and Iran, which prompted a third night of US military strikes. Brent crude climbed to $87.08 a barrel, its highest in over a month, causing concerns among investors reflected in falling stock markets. This situation underscores the global economic impact of geopolitical conflicts, suggesting that sustained clashes could lead to broader financial instability and higher borrowing costs for businesses and consumers.