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Global oil prices have gained more than 16% since late June and are heading for their fifth-straight week of gains, the longest rally since before Russia’s full-scale invasion of Ukraine upended energy markets.
Cyclical stocks that tend to rise and fall with the economy are rallying, the latest sign that investors are becoming more optimistic about the possibility of a “soft landing,” i.e. no recession.
Prices at the gas pump are suddenly surging, causing headaches for consumers and central bankers alike.
Global inflation is finally coming down, but heightened geopolitical tensions could mean that food is about to get a lot more expensive.
Russian President Vladimir Putin appears to have declared open season on Ukraine’s consequential grain exports, targeting the port city of Odesa with new ferocity and jeopardizing worldwide food prices.