Behind the Markets Podcast · Friday, July 17, 2026
Renewed hostilities in the Middle East have pushed oil prices back up to $80 per barrel, according to Professor Jeremy Siegel. This rise, coupled with record crack spreads, is contributing to higher wholesale gasoline prices, which could reverse recent CPI declines.
“Um, what we have to realize, of course, with the renewal of hostilities in the Mid East, oil is back at 80.”
“Um, more importantly, of course, is the crack spreads are being at record levels.”
“So wholesale futures on 335, that leads to 435.”
“So now this won't, if it stays at this level, it'll take a couple of weeks to get there, but that will reverse a lot of the decline in the CPI.”