Oil Hits Multi-Month Highs; Energy Giants Post Strong Q3 Profits Amid Geopolitical Tensions

Higher energy costs exacerbate inflation concerns and complicate Fed rate-cut hopes, adding headwinds to economic growth. ExxonMobil and Chevron reportedly beat Q3 forecasts with strong refining margins. Fed presidents Alberto Musalem and Lorie Logan reportedly indicated the Fed could need to resume hiking; a market recap said Fed funds futures priced a roughly 76% chance of a December hike.