Global Markets React as Crude Oil Nears $100 Amid Middle East Tensions, Fueling Inflation Concerns

Asian stocks experienced mixed trading, and major indices like India's Sensex and Nifty tumbled as Brent crude oil approached $100 per barrel. This surge in oil prices is attributed to escalating hostilities in the Middle East, intensifying fears of disruptions to global energy supplies. The rise in energy costs has also led to increased market-based inflation expectations, particularly in the US, with a 60% probability now priced in for a Federal Reserve interest rate hike next week.