The Oil Price Rally Is Fueling Inflation Concerns

U.S. crude oil prices have surged past $90 a barrel, triggering worries about accelerating inflation and its potential impact on an economy already grappling with the Federal Reserve's aggressive interest rate hikes. Surge in Oil Prices The recent rise in U.S. West Texas Intermediate crude (WTI) for October delivery, settling at $90.16, marked the first close above $90 since November 2022. This spike comes amidst traders’ expectations that oil supplies will remain constricted for the foreseeable future. The pressure of high oil prices is…