Stocks are falling as rising oil prices and inflation increase the prospect of interest rate hikes

Over the past week, oil prices have jumped more than 30%, as the US and Iran exchanged blows in the Strait of Hormuz region. Tehran has stated it is ready for a more intense conflict.

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At the same time, Yemeni Houthis struck several Saudi Arabian energy facilities, aiming to block another important waterway. On Thursday, the rebels took control of the strategic Red Sea port city of Mocha.

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