One thing the markets maybe forgetting and it could be important for the Dow Jones in the days to come

As the oil price lifts to new interim highs this morning, there is clearly potential for the gains to extend. Of course much will depend on what plays out in the Middle East from here on. However, if oil was to really take off, then it could potentially scupper the Fed and other leading Central Banks in respect of their further monetary loosening plans. That is simply because the higher oil goes the more that could and most probably will impact inflation. This is as potentially pertinent for the UK and Europe as it is for the US. The US equity markets will be very much caught up in all this and remember that stocks have gotten to record levels this year partly because of the perception; that inflation seen in 2022 and 2023 has been finally beaten, but what if it has not? So, as the oil price keeps rising (assuming it does) then pressure may yet resurface on stocks, which after all are still close to all time record highs across some of these indexes. The Dow Jones future is currently pricing the reopening at around 42k ahead of that US jobs report this afternoon