"Crude Oil Surges to $95 a Barrel, Reigniting Inflation Concerns"

The price of crude oil has surpassed $95 a barrel, raising concerns about inflation and petrol prices. Markets anticipate a rise in consumer price inflation to 7% in August, posing a challenge for central bankers aiming to curb inflation. The surge in oil prices is due to supply concerns following output cuts by Saudi Arabia and Russia. A potential increase in pump prices could slow down or reverse the decline in consumer price inflation, pressuring the Bank of England to continue tightening fiscal policy. The central bank is expected to raise interest rates to 5.5% this week, but it may mark the peak of this cycle as the labor market cools.