Global oil prices jumped by 7% on July 29, 2026, as Brent crude climbed back to $90 per barrel following a surprise missile attack by Iran on a US base in Jordan.
The surge reflects market fears of supply disruptions in the Middle East, with traders bracing for a potential retaliatory response from the United States.
This price spike adds significant pressure to global inflation, as energy costs remain a critical factor for central banks currently managing interest rate decisions.