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Wall Street falls as Brent tops $105 and wholesale inflation rises
Brent moved above $105 a barrel and US producer-price data for August added to expectations the Federal Reserve could consider a rate hike this month.
Wall Street declined sharply as crude prices rose on concerns about the escalating conflict in the Middle East, with Brent pushing above $105 a barrel and US crude futures moving above $100 for the first time since May, according to LiveMint Markets.
The sell-off also reflected fresh US producer price data for August, which showed wholesale inflation remains elevated and strengthened expectations for a possible Federal Reserve rate hike later this month.
Investors cited disruption risk to oil flows through the Strait of Hormuz, leaving uncertainty around global energy supplies and raising fears that higher fuel costs could keep inflationary pressures sticky.
LiveMint Markets added that attention is now on Middle East developments, crude prices, and upcoming economic data that could influence the direction of US interest rates.
Latest closeWTI crude $97.01 ▲4.3%|Brent $102.05 ▲4.2%