Prices for crude oil have surged. Analysts now say global prices could hit $100 a barrel, with American benchmarks breaching $90. Why it matters: The rise in oil prices is another reason inflation is set to stick around for a while. The big picture: Since collapsing amid the worst of the COVID crisis, prices for oil have rebounded sharply. Here's why... • Demand is back. Global consumption is forecast to recover completely from the pandemic in 2022. (IEA) • OPEC and Russia have been relatively slow in boosting supplies, helping to keep prices up. (NYT) • Geopolitical risk has risen, especially given there's a chance ... (full story)