The BoE’s top economist warns of rapid interest rate cuts in light of persistent inflation

Brent crude posted its biggest single-day jump of 2024, with comments from US President Joe Biden fueling speculation among traders over whether Israel could take retaliatory action against Iran’s oil industry.

The international oil benchmark was 5 percent higher at $77.62 per barrel, the biggest jump since October last year. West Texas Intermediate, the US marker, also gained more than 5 percent to $73.71 per barrel.

Vikas Dwivedi, a global energy strategist at Macquarie Group, said he expected oil prices to rise in the near term, possibly to $85 a barrel.

“This is a repeat of Russia-Ukraine,” Dwivedi said, adding that the only way prices could rise to $100 a barrel would be if there was a direct hit to oil export facilities. “We don’t think a hit to oil supplies is a major concern.”