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Oil above $100 per barrel reignites global inflation concerns

Published : Sunday, 26 July, 2026 at 6:49 PM

Observer Online Report

An extended period of crude oil prices remaining above $100 per barrel could significantly impact the global economy by driving up inflation, food, and transport costs, according to analysts cited by The National.

Oil prices recorded a second consecutive week of sharp gains, driven by the escalating US-Iran conflict, the effective closure of the Strait of Hormuz, and Houthi attacks in the Red Sea.

Though US consumer inflation slowed in June amid a temporary US-Iran ceasefire, the recent escalation has reignited fears of a global economic slowdown. Last month, the US Federal Reserve held interest rates steady but signaled potential future rate hikes due to inflation risks.

Oil prices eased slightly on Friday but still recorded weekly gains. Brent crude dropped 3.88 per cent to settle at $96.78 a barrel, while West Texas Intermediate (WTI) fell 3.12 percent to $89.31 a barrel. However, Brent finished nearly 10 per cent higher than the previous week's close, while WTI gained 8.3 per cent.

On Thursday, Brent surged 7 percent to reach a two-month high of $102 per barrel after Yemen-based Houthi rebels launched attacks on tankers carrying OPEC crude and declared a maritime embargo against Saudi Arabia. In response, US President Donald Trump warned of major military punishment against Iran and the Houthis if attacks persist.

Goldman Sachs predicted that Brent could rally beyond $120 a barrel by the fourth quarter if supply disruptions in the Strait of Hormuz continue.

MUFG research analyst Soojin Kim noted that with both the Strait of Hormuz and the Red Sea vulnerable to disruptions, markets are pricing in a broader supply shock, leaving Brent susceptible to sustained trading above $100 per barrel if hostilities continue.

-SA

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Editor : Iqbal Sobhan Chowdhury

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