The Fed's next challenge: $100 oil

An almost uninterrupted rise in oil prices has pushed benchmark Brent crude close to $100 a barrel.

  • The rise is a victory for Saudi Arabia, which sought to bolster prices to fund a planned transformation of its oil-dependent economy.
  • Russia, which depends on energy income to finance its war on Ukraine and joined Riyadh in slashing supplies, is another winner.
  • The two countries sparked the rally early this month when they said they would restrict supplies until the end of the year.

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