Oil price hits $95, rate hike odds rise ahead of Alphabet earnings
Stock futures slipped on Wednesday as oil prices surged to their highest in over a month, driven by ongoing U.S. military strikes against Iran. Brent crude jumped 4.8% to $94.93 a barrel, touching $95 at the session high, while West Texas Intermediate rose over 4% to $88.12. The oil move followed an 11th consecutive night of U.S. strikes, with Secretary of State Marco Rubio stating Iran is 'not serious about talks.' The surge stoked worries that high energy costs could feed through to broader prices, potentially prompting the Federal Reserve to resume raising rates. Markets assigned a 24.1% probability of a rate hike at this month's Fed meeting and a 69% likelihood of a quarter-point move in September. After Wednesday's close, major tech companies including Alphabet, Tesla, IBM, ServiceNow, Texas Instruments, and AT&T are scheduled to report earnings, with Wall Street scrutinizing AI investment trajectories and cloud growth.
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