Oil Nears $100 as Stocks Slide on Gulf Strike Fears — SkimNews
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- Stock futures were little changed after the prior session's losses, reflecting overnight caution as oil spiked.
- Brent crude neared $100 per barrel, approaching triple-digit territory for the first time in recent memory.
- Gulf strikes jolted oil prices sharply higher, identified by CNBC as the catalyst pushing crude toward $100.
- Stocks fell broadly as rising oil prices stoked renewed inflation worries, per Bloomberg's markets wrap.
- Asia stocks traded subdued amid the Middle East tensions and oil rally, extending the global risk-off mood.
Why it matters: Oil approaching $100 driven by Gulf military action feeds directly into the inflation picture central banks are still battling. Higher energy costs squeeze consumer purchasing power and could delay expected rate cuts, hitting rate-sensitive sectors hardest while energy producers benefit from the price spike.
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