Crude oil prices surged nearly 4% intraday, reigniting inflationary pressures.

October 8th, according to Bitget market data, Brent crude oil futures rose 4.1% intraday, currently reported at $104.33; WTI crude oil price rose 3.9% intraday, currently reported at $91.7.

Rising oil prices mean rising inflation. In order to bring inflation back to the "2%" target, the Federal Reserve completed its first rate hike since 2023 last month, and several Fed presidents have publicly stated that further rate hikes in the future are reasonable.

previously reported that the Pentagon has asked U.S. Central Command (CENTCOM) to complete preparations to resume major combat operations against Iran, but Trump has not yet made a final decision, nor has a specific strike date been set. Officials said that if operations restart, the timing could fall before the (November 3) U.S. midterm elections, or even earlier than the (October 27) Israeli elections.