Oil Prices Surge, Inflation Worries Mount

0:00On March 15th, here's the latest out of Sydney. Wall Street took another hit this week as the war in Iran drove oil prices sharply higher, adding to inflation worries around the world. The S&P 500 dropped 0.6% to close at 6,632. The Dow fell 0.3%, while the NASDAQ slid 0.9%. All three indexes marked their third straight weekly decline, with the S&P now down 3.1% for the year. Oil prices jumped 3.1% to settle at $98.71 per barrel, up 46% this month alone. The closure of the straight-of-form moves has halted cargo traffic, taking more than 12 million barrels of oil, equivalent per day offline. Producers are cutting outputs since their crude has nowhere to go, and experts warned this could spark even higher global inflation if the conflict drags. On, bond yields climbed as traders bet on rising inflation, with the 10-year treasury yield hitting 4.28% up from 3.97% before the war.

1:06That pressures everything from mortgages to stock prices. Meanwhile, consumer sentiment dipped to its lowest this year amid gasoline spikes, though January spending held steady at a 0.4%. Gain despite prices rising 2.8% year over year. New economic data showed core inflation climbing to 3.1%, the highest in nearly 2 years. Fourth quarter growth was downgraded to a sluggish 0.7% annual rate. Federal Reserve rate cut odds fell below 1% ahead of next week's meeting, as higher yields make cuts less likely. Australian futures points to a 0.7% drop it open, and European and Asian markets mostly close lower. President Trump hinted at more steps to ease oil supply strains, following moves like allowing India temporary Russian oil buys, while the International Energy Agency released 400 million barrels from reserves. D&N is sponsored by our partner. Sally Pillow is a pillow with built-in headphones.

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