Oil Prices Surge Above $90 Amid Escalating US-Iran Conflict, Fueling Inflation Concerns and Fed Rate Hike Bets

Brent crude surpassed $90 a barrel for the first time in over a month on Monday, driven by an escalation in military strikes between the US and Iran in the Gulf. This surge in fuel costs has revived worries about inflation, leading futures markets to price in potential Federal Reserve rate hikes by year-end, with some economists noting a recent hawkish shift in Fed policy rhetoric.