Oil prices slip
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Foreign ministers from the Gulf Cooperation Council—which is comprised of Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, and Oman—will meet their Iranian counterpart on Monday.
Oil has climbed above $100 a barrel as the war with Iran disrupts global energy markets, putting pressure on gasoline, transportation, food and other household costs.
Stock futures pointed to a higher open Friday ahead of an important Consumer Price Index reading—although major indexes were poised to close lower for the week—as oil prices and Treasury yields declined.
Wholesale inflation picked up last month after cooling earlier this summer as higher oil and gas prices stemming from the Iran war are keeping costs elevated.
The decline snapped multi-day winning streaks for both Brent and WTI crude oil futures.
International oil prices have increased ahead of the Energy and Petroleum Regulatory Authority (EPRA)’s September 2026 fuel price review, according to the CBK.
Austrian central bank governor Martin Kocher says risk of elevated inflation is higher than it was a few months ago
Chevron (CVX) CEO Mike Wirth reportedly warned that oil prices could remain elevated over the coming months as supply buffers that helped cushion the early impact of the U.S.-Iran war have largely been depleted.