$100 Oil this Year?

[Miki]

The Middle East conflict helped drive oil prices to a record $78.40 a barrel on July 14. Combine this with increased demand for fuel from China, the world's fastest-growing major economy.

Will we see oil reach $100 a barrel this year??

[Samir7]

It could well happen, although prices have backed off a little.

The odds of a coming recesion have increased as a consequence. Central banks will raise interest rates to combat inflation caused by higher energy prices.