Charting the Global Economy: Israeli Airstrikes Boost Oil Prices

Crude oil prices surged and investors sought the safety of gold after Israel conducted airstrikes on Iranian atomic facilities involved in nuclear enrichment.

Economic data in the US showed underlying inflation in May rose by less than forecast for a fourth straight month, while producer price inflation remained muted. While Federal Reserve will likely keep interest rates unchanged at next week’s meeting, officials may face more pressure to lower borrowing costs soon.