Oil increases on inflation and Strait concerns

Oil prices increased significantly today, Tuesday, due to growing inflation concerns worldwide, amid uncertainty over talks between the United States and Iran regarding the reopening of the Strait of Hormuz. Brent crude jumped by more than 2%, reaching over $107 per barrel, surpassing the pre-war level with Iran of $72. Tarrant West Texas Intermediate also rose by 1.8%, approaching $94. The surge in oil prices has fueled inflationary pressures and raised expectations that the Federal Reserve will hike interest rates again, as government bond prices and yields declined to their highest levels in years.

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