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World shares are mixed and South Korea's Kospi share index falls 6%, while oil prices surge
['Abc News']
ABC News: US
(AP Photo/Seth Wenig, File)FILE - The New York Stock Exchange is seen in New York, Thursday, March 19, 2026.
Oil prices — which had eased from last week's the two-month high — rebounded as a brief pause in fighting in the Iran war was shattered.
However, 76% of Wall Street traders foresee a rate hike in September, according to the CME FedWatch tool.
While higher rates have a tendency to hurt stock prices, Fed officials are growing impatient with inflation, which has been above target for five years.
Elevated oil prices since the war in Iran began in late February has contributed to higher prices for just about everything.