Oil prices ease but remain above $100

Oil prices have eased, taking some pressure off inflation, after jumping earlier in the week to their highest levels since May due to the ongoing war with Iran. Brent crude fell 3% to $104.44 a barrel, helping to take some pressure off inflation, which remains far higher than desired. The data has firmed expectations on Wall Street that the Federal Reserve will feel compelled to hike its main interest rate at its meeting next week. Such hikes are the typical way the Fed tries to rein in high inflation, and they work by filtering through the bond market, making it more expensive for everyone to borrow money, slowing the economy and hopefully removing fuel for further inflation. The yield of the two-year Treasury, which moves with guesses for upcoming Fed action, rose to 4.58% from 4.56% late Sept. 10. Longer-term yields, though, actually eased, which could be an indication that investors in the bond market see upcoming hikes to rates by the Fed as helping to keep control of inflation over the longer term. The yield on the 10-year Treasury fell to 4.92% from 4.95% late Sept. 10. On Wall Street, Oracle looks set to help lead the market higher and was up 7.1% in premarket trading. The tech giant reported stronger profit and revenue for the latest quarter than analysts expected. In stock markets abroad, indexes rose in Europe, and London’s FTSE 100 added 0.8% after official data showed that Britain’s economy in July grew faster than economists expected. Stock markets were weaker in Asia, where Japan’s Nikkei 225 lost 1.9% and South Korea’s Kospi fell 1.8%. The cost of moving everything in America just hit a record, with diesel crossing $6/gal nationally for the first time ever, according to live GasBuddy data.