Interest rates to ‘rise by September’ as oil prices surge

Oil prices are surging due to escalating US-Iran tensions that threaten the Strait of Hormuz. This price increase could strain global economies, heighten geopolitical tensions, and trigger strategic shifts in energy policies across the world. Consequently, interest rates are projected to rise by September as a result of the surging oil prices. These combined factors create a volatile economic environment affecting both international energy markets and global monetary policy decisions in the coming months.