Wall Street falls as oil prices soar to highest level since US-Iran conflict
Oil prices jumped 3 per cent to $US120 a barrel, their highest level since the US-Iran conflict, sending share markets down.
Oil prices surged 3 per cent on Friday to $US120 a barrel, levels last seen during the early stages of the US-Iran war. The spike in energy costs triggered a broad retreat across share markets.
Wall Street's major indices all closed lower on Friday. For the week, the S&P 500 fell 0.5 per cent and the Nasdaq dropped 0.7 per cent.
The ASX is set to follow suit, with futures pointing to a 0.5 per cent decline this morning. Oil's rise is stoking inflation concerns ahead of key economic data due this week.
The US Federal Reserve will announce its interest rate decision on Thursday, while Australia's Q3 inflation figures drop on Wednesday.
- $US120 per barrel
- Oil price
- 0.5 per cent
- Weekly S&P 500 fall
- 0.7 per cent
- Weekly Nasdaq drop
- 0.5 per cent
- ASX expected decline
Why it mattersRising oil prices feed inflation and push central banks toward keeping interest rates higher, making mortgages, loans and everyday borrowing more expensive.
AustraliaAustralians with mortgages face the prospect of higher interest rates if inflation stays elevated; petrol prices may also climb further.
Corroborated bysmh.com.au
✓ Claims checked against the source and corrected before publish. checked 4 h ago
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