Oil prices jump nearly 9% in a single day as Fed rate-cut expectations shift

Driven by ongoing tensions in the Middle East, international oil prices saw a clear rebound. In intraday trading, the price of New York crude oil futures briefly topped $79.79 per barrel, with the single-day gain coming close to 9%.

Meanwhile, the market is re-pricing expectations for Fed rate cuts. Analysts believe that the rise in oil prices could worsen inflation pressure, thereby affecting the Fed’s subsequent pace of rate cuts. If inflation data rebounds again, the Fed’s room to cut rates may be squeezed, and the dollar and US Treasury yields could also move accordingly.

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