Oil prices rise globally amid U.S. inflation concerns

Global oil prices rose at the start of the week, with WTI and Brent crude futures increasing by more than 2 percent. Brent futures are trading at $106.8 per barrel, while WTI is at $102.2 per barrel.

This price surge comes ahead of the U.S. Federal Reserve's upcoming interest rate decision. The rise in energy costs adds to inflationary pressures, complicating the Fed's monetary policy path. Recent data showed U.S. inflation at 3.4 percent, with a monthly increase of 0.4 percent. Additionally, diesel prices recently reached a record $6.05 per gallon, according to the American Automobile Association.

Federal Reserve Chair Kevin Warsh previously indicated at the Jackson Hole Economic Policy Symposium that further monetary policy steps might be necessary if inflation does not return to target levels, despite a resilient economy and increased investment in artificial intelligence.