Oil Surge Drives Market Dip and Inflation | Global News

Stocks took a hit as oil prices surged past $100 a barrel, fueled by fading hopes for Strait of Hormuz reopenings and even President Trump’s hint that prices may stay high until after the midterms. Gas prices are nearing $4.28 a gallon, pushing up costs for everything from trucked goods to retail items. Inflation is accelerating, prompting the Fed and ECB to raise rates — with the Fed’s move now nearly certain — while bonds gain appeal as yields climb. Even strong job numbers can’t shield companies like Macy’s, whose stock tumbled despite solid earnings amid growing consumer spending concerns.

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