$100 Oil Puts Central Banks Back on Inflation Alert

Crude oil prices have extended their earlier gains into this week, with little chance of reversing course as the war in the Middle East expands and desire for a peaceful resolution seems to wane, as global oil stocks continue shrinking. Inflation is creeping up. Recession fears are back.

It may just be a matter of time. Diesel prices in the United States have gained some 60% since late February, the Wall Street Journal reported at the end of last week.