Oil Prices Rally as US Data Dents Chances of Fed Rate Hike The sudden uptick in oil prices is a potent reminder that the global economy remains hostage to geopolitical whims.
Developments over the past week, including faltering US Iran talks and a surprising drop in US retail sales, have sent shockwaves through markets, causing oil and gas prices to soar by over $1 a barrel.
The Iran situation is a powder keg waiting to be ignited. The US's threatened escalation of economic pressure on Tehran has left investors on edge, wondering what the next move will be.