Soaring energy prices, more tariffs imposed by the US, and rapidly expanding AI spending are reviving investors' concerns about inflation. At the beginning of the week, violent conflict in the Middle East continued to escalate; by the end of the week, oil prices had exceeded $100 per barrel, which would drive up global supply chain costs. At the same time, US President Donald Trump is once again pushing for trade tariffs, and signs that the tech investment boom is unrestrained have further increased. These three forces that could drive up prices simultaneously hit the global economy at a sensitive moment: just as central bank officials saw the outlook for inflation easing, the situation was reversed once again. From the Federal Reserve to the Bank of England, policy decisions will be made next week, and officials need to quickly assess these new risks.

Soaring energy prices, more tariffs imposed by the US, and rapidly expanding AI spending are reviving investors' concerns about inflation. At the beginning of the week, violent conflict in the Middle East continued to escalate; by the end of the week, oil prices had exceeded $100 per barrel, which would drive up global supply chain costs. At the same time, US President Donald Trump is once again pushing for trade tariffs, and signs that the tech investment boom is unrestrained have further increased. These three forces that could drive up prices simultaneously hit the global economy at a sensitive moment: just as central bank officials saw the outlook for inflation easing, the situation was reversed once again. From the Federal Reserve to the Bank of England, policy decisions will be made next week, and officials need to quickly assess these new risks.