Conflict in the Middle East often raises the specter of higher oil prices given the risk of disruptions to supplies.
Brent crude, the pricing basis for international trading, advanced $3.11 per barrel to $87.69 per barrel. Wall Street hates high interest rates because they knock down prices for all kinds of investments. And even though the job market hasn't faltered yet despite the Fed pulling its main interest rate to the highest level since 2001, high rates work to extinguish high inflation by slowing the entire economy. That raises the risk of a recession down the road.
In currency trading, the dollar rose to 149.16 Japanese yen from 149.11 yen late Friday. The euro was unchanged at $1.0553.
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