Oil slides amid worries of ‘higher for longer’ interest rates, ongoing Middle East conflict

Oil fell on Thursday as traders assessed the ongoing conflict the Middle East, and hotter than expected economic output in the US suggested the Federal Reserve will stay on its path of higher for longer interest rates. Brent (BZ=F) fell more than 1% to trade above $88 per barrel in midday trading. West Texas Intermediate (CL=F) also fell as much as 3% in the session, before paring losses and trading above $84 per barrel. The declines come amid an acceleration of economic activity in the US, with gross domestic product (GDP) rising at an annualized rate of 4.9% last quarter….