The Globe and Mail reports in its Friday edition that the rise in oil prices accelerated Thursday, rattling global markets and pushing borrowing costs to new multiyear highs as inflation concerns mount. The Globe's Mark Rendell writes that Middle East fighting intensified on Thursday. The price of a barrel of West Texas Intermediate crude surged past $100 (U.S.), up more than 40 per cent since early July. The renewed energy shock has rippled through bond markets in recent weeks, with investors betting that central banks around the world will need to increase interest rates to keep inflation in check. TD Bank economist Vikram Rai says: "The oil shock is common to everyone. And the fact this is going to affect inflation and could be feeding into other prices and becoming more entrenched, that's a common problem, so it's not a surprise that we're seeing some common messages." Where oil prices go from here will ultimately depend on military developments in the Middle East. Right now, the situation is deteriorating and there is no obvious path to a resolution, says Bhushan Bahree, executive director of crude oil markets at S&P Global Energy. He doesn't see oil prices returning to prewar levels before the end of 2027.