Oil jumps 14% in a week as Hormuz closure clouds Fed outlook
Why it matters: Traders were bracing for US CPI data as higher energy costs and a weak jobs report sharpen bets on a rate hike.
Oil prices rose again Wednesday and global stocks were mixed as investors weighed fresh strain on energy supplies from the Strait of Hormuz against upcoming US inflation data. Both main crude benchmarks have climbed about 14% over the past week as the waterway remains effectively shut amid the US-Iran conflict. Traders are watching the consumer price index for clues on whether the Federal Reserve will raise rates after last week's US jobs report showed the economy lost more than 20,000 positions. The International Energy Agency also cut its forecast for global oil demand this year, while talks involving Iran and Oman on reopening Hormuz for some shipping had yet to produce a breakthrough.