West Texas Intermediate and Brent crude futures have increased 25% since late June, despite output cuts by Saudi Arabia and Russia.

Wall Street analysts predict $100 oil if momentum continues.

The Federal Reserve hiked interest rates for the 11th time since March 2022, hinting at two more hikes for the year.

Goldman Sachs has lowered its recession prediction to 15% for the coming year, causing speculation that the Fed may execute a’soft landing’.

Higher oil prices could be problematic as they inhibit growth, raise inflation expectations, and impact business revenues.