Oil hovers above $100 a barrel as Iran war worries rise

Inflation stands more than a percentage point above the Fed's target rate of 2%.

Inflation remained unchanged in August as gas prices continued to rise amid the war with Iran, new data from the Bureau of Labor Statistics (BLS) showed Friday. The consumer price index (CPI) increased 0.4 percent last month and 3.4 percent over the same time last year.

The Labor Department said Friday that the consumer price index rose 3.4% last month compared with a year ago, the same as in July.

The last time WTI prices broke the $100 per barrel mark was in May, after which they fell following the announcement of an interim peace agreement with Iran. That agreement has since expired, and global markets are responding as hostilities continue.