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- Crude oil prices have seen big swings in recent weeks due to production cuts and recession fears.
- Volatile oil prices cloud the outlook for inflation, putting the Fed in a position to keep monetary policy tight.
- The latest jump comes from concerns that the Israel-Hamas conflict draws in oil producers like Iran and Saudi Arabia.
Oil prices have seen big movements recently, from talk last month of $100 a barrel right around the corner to prices hitting the brakes before retreating below $90 this month. The Israel-Hamas conflict that erupted on Saturday is just the latest driver in a market that's seen big volatility in 2023.