Oil prices rise heightening inflation worries
Government borrowing costs across Europe have risen to their highest levels in years, driven by a surge in oil prices and increasing fears of inflation. European stock markets have declined, affected by company results and commercial reports. Meanwhile, geopolitical tensions in the Middle East are escalating after the targeting of two Saudi oil tankers by the Houthis and renewed American strikes on Iran. These events have caused Brent crude to rise to around $98 per barrel, and the yield on 10-year German bonds to surpass 3.2%. Markets are now awaiting the European Central Bank’s decision on interest rates, with expectations of a hike in September. Asian markets have posted gains, and the euro remains near its highest levels in a week, while the Japanese yen has weakened against the dollar.
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