Brent Tops $86 on Hopes of Fed Cut in September

Brent crude soared to $86 per barrel as better-than-expected U.S. inflation data stirred hopes of a September Fed rate cut. The beginning of this week has seen a slight downward correction for oil prices, with anticipated damages from Hurricane Beryl turning out to be less impactful than initially assumed, however, constructive macroeconomic data have reversed that downslide. With US consumer prices falling for the first time in four years last month, the September interest rate cut became a high-probability event for the Fed, lifting ICE Brent…