Oil surges above $US114, Wall Street falls on AI sell-off | Finance Report | ABC NEWS
Oil prices have surged to a five-month high, above $US114 per barrel, on concerns the US will start attacking Iran again after the November mid-term elections. It's raising concerns about stubborn inflation and further interest rate hikes. Those concerns led to a sharp fall in the gold price and a sell-off across AI-centric markets like Wall Street's Nasdaq 100, which plunged by almost 3 per cent. In a rising interest environment, investors are getting worried about the huge spending and increasing debt levels of Microsoft, Meta (Facebook), Alphabet (Google), Oracle, Amazon and other AI 'hyp