Oil prices shot more than 9% higher as supply concerns worsened with Iranian attacks on commercial shipping around the Strait of Hormuz. Since the start of the war, sharp moves for oil prices have triggered swings up and down for financial markets worldwide, sometimes by the hour. It said the volatility suggests that depending on news developments, oil prices could spike as high as $140 per barrel. Stagflation fears are rising not just because of higher oil prices but also because of weakness in hiring by US employers. Because of the spike for oil prices, traders have pushed back forecasts for when the Fed could resume its cuts to interest rates.

Source: The Telegraph March 12, 2026 08:30 UTC