Mounting geopolitical tensions stemming from conflict in the Middle East and Eastern Europe have helped drive oil prices to five month highs, challenging the Federal Reserve's fight against inflation.
U.S. crude oil gained 4.5% this week, touching $87 a barrel on Friday before settling at $86.91.
Rising energy prices may affect the timing or magnitude of interest rate cuts, he said.
The Federal Reserve is focused on bringing down core inflation, which excludes volatile energy and food prices.
Escalating attacks are coming against a backdrop of an already tightening global crude market.
Persons:
Brent, Bart Melek, Andy Lipow, Lipow, Bob Yawger, Yawger, Netanyahu, Manish Raj, White, Biden, John Kilduff, Kilduff, Melek, Saudi Arabia doesn't
Organizations:
Federal, American Automobile Association, West Texas, TD Securities, Lipow Oil Associates, Mizuho Americas, Valero, Philips, Marathon Petroleum, Velandera Energy Partners, Kyiv, JPMorgan, Financial Times, Again Capital, Bank of America, Saudi
Locations:
East, Eastern Europe, Iran, Israel, Ukraine, Damascus, Kyiv, Ukrainian, Russia, Saudi Arabia