Oil prices leap to their highest since May and drag Wall Street lower
· KRGV (NBC 5)
Oil prices surged to their highest levels since May, driven by ongoing tensions in the Middle East, particularly the war with Iran. This increase raised inflation concerns and negatively impacted Wall Street, with the S&P 500 dropping 0.6% for the fourth consecutive day. Brent crude reached $108 per barrel before settling at $107.63, significantly up from under $72 in July. The average price for a gallon of gasoline in the U.S. is now nearly $4.28, a 34% increase from last year. The Federal Reserve is expected to raise interest rates to combat inflation, with a 73% chance of a hike next week.
AI summary · Source: KRGV (NBC 5) →
