A "Crude" de grace for Biden?

Amidst the ongoing economic concerns surrounding the United States, crude oil prices continue to soar. As indicated by the West Texas Intermediate (WTI), the cost per barrel has touched around $87 for Brent Crude.

Economists suggest that the reasons for this may include fluctuating demand, tight geopolitical situations, internal disturbances, and most importantly, the newly issued guidelines by the Organization of Petroleum Exporting Countries (OPEC+), which stipulate production cuts and supply withholdings pertaining to market dynamics.

Truth be told, President Biden's "successful counter of inflation and boost-in barrels" is somewhat ambiguous. Although the recent influx of oil lead to a 5% contraction in the prices of crude-oil, yet the change is still not significant since the recent average per barrel cost was reported to be $50-$60 (source WTI). Since January, this rate has been significantly inflated.

With inflation picking up again and the approval of more restrictive monetary policies, this surge in crude oil prices may exacerbate economic challenges, particularly for consumers and businesses sensitive to energy costs.