Today, oil prices settled higher as Brent futures surpassed the $80 per barrel threshold for the first time since May. Brent settled higher by 71 cents, or 0.9%, reaching $80.11 per barrel, while U.S. West Texas Intermediate (WTI) crude settled with a gain of 92 cents, or 1.2%, at $75.75 per barrel. The surge in oil prices was primarily driven by U.S. inflation data, which indicated the possibility of fewer interest rate hikes by the Federal Reserve. This expectation of reduced rate hikes could potentially dampen economic growth and subsequently impact oil demand. Moreover, forecasts from the U.S. Energy Information Administration (EIA) and the International Energy Agency (IEA) projected a tightening oil market in the future due to robust demand from China and developing nations, coupled with supply reductions by major producers. The commitment of Saudi Arabia, the top oil producer, to extend a 1 million barrels per day (bpd) production cut in August, along with Russia’s plan to reduce exports by 500,000 bpd, further reinforced the positive momentum in oil prices.