US and Iran retaliation hints push Brent toward $98
Business
Brent crude oil just shot up to nearly $98 a barrel after the US and Iran hinted at possible retaliation over recent attacks.
With the Middle East on edge, people are worried about energy supplies and prices rising everywhere, even making everyday stuff more expensive.
Oil spike halts US stocks rally
The oil spike snapped a nine-day winning streak for US stocks, with major indexes like the S&P 500 and the Dow dropping noticeably.
Higher oil costs are fueling inflation fears, which could mean less spending money for consumers and tougher times for businesses.
Plus, borrowing is getting pricier as mortgage rates hit their highest in nine months, so everyone's watching what central bank policy does next.