Oil prices jumped over 1% on Thursday, hitting their highest level in almost three months. This surge came after U.S. inflation data hinted that interest rates were nearing their peak. Brent crude futures soared by $1.25 to settle at $81.36 per barrel, the highest since April 25. Similarly, U.S. West Texas Intermediate crude futures climbed by $1.14 to $76.89 per barrel, reaching their strongest level since April 26. The increase in oil prices was supported by a weaker U.S. dollar, making crude more affordable for holders of other currencies. The rally in prices was primarily driven by supply cuts by major producers like Saudi Arabia and Russia, while reports from the IEA and OPEC maintained an optimistic outlook on oil demand despite some economic uncertainties.