Global oil prices have surged past the critical $100 mark, triggering a significant slump in stock markets and propelling Treasury yields to their highest point during President Trump’s second term. This dramatic spike in energy costs poses a dual threat, potentially destabilizing the broader economy by increasing inflation and consumer expenses, while simultaneously jeopardizing the Republican party’s midterm election prospects, as voters often hold the incumbent party responsible for economic downturns and rising living costs.
Adapted from: WSJ.com: Markets
