Oil Surges Above $100.00 Per Barrel

As conflict continues in the Middle East, disruption to energy production and shipping, along with the possibility that the situation could drag on for some time, appears to be increasingly reflected in oil prices. This morning finds both US Crude and Brent Crude up more than 11.1%, with both trading above $100.00/barrel, while the price of Gasoline is up 8.3%.

Between the potential for an oil-driven increase in inflation pressures and last Friday’s weak US Nonfarm Payrolls report, concerns about stagflation have resurfaced, putting pressure on equities. US index futures are down 0.9% to 1.0% this morning, adding to Friday’s US index losses of 0.9% to 1.6%. Overseas, the DAX is down 1.3%, the FTSE is down 1.0%, the Nikkei fell 5.2%, and the Hang Seng declined 1.3%.

The US Dollar is rallying again today, putting pressure on other currencies and commodities. Gold is down 0.8% but remains above $5,100/oz. Silver is down 0.3%, and Copper is down 0.6%. The Euro is down 0.5%, while the Yen and Pound are down 0.4%. The Loonie is steady, while Bitcoin is up 1.5%.

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