Oil Surge Sparks Market Turmoil | Anchorage News

Wall Street took a hit as oil surges push markets lower—crude climbs past $100 a barrel after U.S. strikes on Iranian tankers disrupt the Strait of Hormuz, sending Brent crude to its highest since July and diesel prices to record highs. Retail giants like Amazon and Starbucks slump while oil majors soar. Inflation fears mount ahead of key CPI and PPI reports expected to show stubborn prices above 3%, pressuring the Fed’s rate hike bets—now priced at 60% for next meeting. Meta rallies on its new AI assistant, while Europe falls and Asia closes mixed.

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