Oil Climbs Above $92 as US-Iran Strikes Persist, Reviving Inflation Concerns

Oil prices climbed on Wednesday, July 22, with Brent crude rising above $92 a barrel after the United States conducted its eleventh consecutive night of strikes on Iran, keeping a geopolitical risk premium firmly in place. The renewed advance in energy costs revived concerns that inflation could prove stickier than hoped, complicating the outlook for the Federal Reserve as it approaches its late-July policy meeting. Higher oil prices feed through to fuel, transport and production costs, and a sustained rise would put upward pressure on headline inflation just as policymakers weigh whether to hold or lift interest rates. Equity futures softened early in the session as traders balanced the strong run of corporate earnings against the risk that costlier energy and heightened Middle East tensions could weigh on consumer demand and margins. Prediction-market activity pointed to expectations of a weaker market open, reflecting caution despite the recent rebound in technology shares. Investors are also looking for reassurance from the current earnings season that spending on artificial intelligence infrastructure remains robust enough to support elevated valuations.