Finance

The latest Consumer Price Index print showed headline inflation holding steady at a 3.4% annual rate for August, while core price metrics exceeded forecasts. The data intensified market expectations for tighter monetary policy, prompting traders to boost the probability of a Federal Reserve rate hike at the upcoming meeting to 87%.

Brent and West Texas Intermediate crude futures dropped late in the week, sliding to roughly $104.61 and $100.05 per barrel, respectively. The drop provided brief relief to equity investors, even though ongoing geopolitical tensions in the Middle East and a temporary Saudi pipeline disruption kept prices elevated on a weekly basis.

Tightening fuel supplies and broader energy market disruptions pushed average retail diesel prices above $6 per gallon for the first time in history. The unprecedented surge in industrial fuel costs has exacerbated consumer sentiment strains and introduced new headwinds for corporate logistics networks.