Oil Hit $93 as Iran-Israel Tensions Threatened Rate-Cut Plans

Brent crude spiked to $93 a barrel on April 12, 2024, driven by Iran-Israel military escalation. The surge threatened to reverse recent progress on inflation, complicating central banks' plans to cut interest rates. A weakening yen also pushed Japan's import costs to multi-decade highs, narrowing policymakers' room to maneuver.