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Warning: This article is going to deal in facts. FACT: Give politicians a crisis to exploit and you will have less freedom...
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The rise in oil prices continued on Wednesday as the U.S. crude benchmark made a fresh 10-month high, a worrying sign for short-term inflationary pressures that could influence Federal Reserve interest-rate policy.
Continuous-contract futures for West Texas Intermediate crude gained 1.7% to above $91.90 a barrel on Wednesday, taking the rise in prices across the past month to 12.5%. It marks the highest level for the oil benchmark since November 2022.
Oil’s advance in recent months—crude prices are up 35% since late June—has been a key force behind persistent headline inflation, with the cost of energy driving an uptick in both consumer- and producer-level inflation data for August.
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