Oil has rebounded toward $100/bbl, reviving inflation and rate-hike concerns for major central banks. The Fed, Bank of England and Bank of Japan may show varying degrees of vigilance while the ECB has signalled readiness to tighten; market pricing now assigns a meaningful chance that several central banks act as early as September. Emkay Global’s Madhavi Arora says Brent’s rally is no longer driven solely by Strait of Hormuz risks and recent Red Sea disruptions: visible traffic through the Strai

Oil has rebounded toward $100/bbl, reviving inflation and rate-hike concerns for major central banks. The Fed, Bank of England and Bank of Japan may show varying degrees of vigilance while the ECB has signalled readiness to tighten; market pricing now assigns a meaningful chance that several central banks act as early as September. Emkay Global’s Madhavi Arora says Brent’s rally is no longer driven solely by Strait of Hormuz risks and recent Red Sea disruptions: visible traffic through the Strait has fallen to near zero, global inventories have been drawn down to near exhaustion, and fresh supply interruptions are tightening the market. Russian fuel exports remain constrained after months of Ukrainian drone strikes, and Kazakhstan has cut output following a Caspian Pipeline Consortium export-terminal shutdown, adding to supply-side strain.