Oil prices topped $100 a barrel on September 9, the first time crude has traded at that level since July. The move came as European equities stumbled on twin worries: the threat of new strikes in the Middle East and the prospect of another interest rate hike from the European Central Bank.
Wall Street futures barely moved, suggesting US traders are watching the same headlines but have not yet priced in the same level of risk that hit European markets. The divergence highlights how oil-driven inflation fears are landing harder on European equities, where energy costs feed more directly into corporate margins and consumer spending.
What remains unresolved is whether the $100 level holds. A sustained move higher would revive inflation concerns just as central banks debate their next move, while a pullback would suggest the spike was driven by headline risk rather than a lasting supply disruption.