As the US-Iran war enters an increasingly unpredictable phase, economies around the world are feeling the impact, with rising energy costs emerging as a major concern. Wall Street also came under pressure on Wednesday as a surge in crude oil prices raised fresh worries about inflation.Brent crude climbed above $101 a barrel, adding to concerns among central banks and economists that prolonged higher oil prices may push up inflation and increase the burden on households and businesses. In the US, investors are now awaiting consumer inflation expectations data on Thursday, which could provide further clues on the Federal Reserve’s monetary policy outlook.
