"Global Supply Shocks Drive Oil Prices Toward $100 Amid Summer Driving Season"

Global supply shocks, including Mexico's crude export cuts, US sanctions on Russian and Venezuelan oil, and Houthi rebel attacks on tankers, are intensifying fears of a commodity-driven inflation resurgence and threatening to push Brent crude to $100 per barrel. The supply disruptions, combined with healthy global demand, are complicating rate-cut deliberations and clouding US President Joe Biden's reelection chances. The surge in oil prices is tightening global markets and could force OPEC+ to reconsider production cuts, while also posing a political risk for the Biden administration as it threatens to push retail gasoline prices higher.