The likelihood of a Fed interest rate hike next week just got a lot higher

JUST IN: Traders now put the odds of a Federal Reserve rate hike next week at 70%, as US oil tops $100 a barrel and hot wholesale inflation data stoke fears.

Traders now put a Fed rate hike next week at 70 percent.

Here's what moved the number. Wholesale prices rose 0.4 percent in August, taking annual producer inflation to 5.4 percent, a touch hotter than expected. The same morning, US crude punched back through a hundred dollars a barrel as the Iran conflict grinds on. LPL's chief economist says inflation pressure is getting entrenched, and at this rate a hike looks likely. The Federal Reserve meets next week with all of that on the table.

And it might not stop there. Markets have a December hike near 60 percent, and Bank of America is calling for three. Chairman Kevin Warsh gets his final piece of evidence Friday when consumer inflation lands, forecast at 3.4 percent headline.

One hot print tomorrow and a hike stops being a probability and becomes the plan.

This is Sara White, reporting for HIT.