Oil surges above $100, fuels inflation fears ahead of interest rate decisions

Oil prices have surged back above $100 per barrel, while diesel has reached a record $5.94 per gallon. Gasoline prices rose 7 cents overnight, exceeding last year's levels by over $1. These increases are driven by Middle East attacks threatening strained oil supplies. Consequently, rising oil costs are exacerbating inflation fears, which complicates upcoming interest rate decisions for central banks and negatively impacts global economic stability and overall market dynamics across the world.