Updated

U.S. crude oil prices topped $102 per barrel on Thursday, marking the highest close since May, as the market retraces a round trip back toward the $100 level. Analysts say China's demand trajectory will be a key determinant of whether the rally continues, while the ongoing U.S.-Iran standoff and Strait of Hormuz tensions add further upward pressure on prices. Following the surge, some market commentators warned that further spikes in oil prices could rekindle recession fears, as higher energy costs threaten to squeeze consumer spending and corporate margins already strained by elevated inflation. The warning adds a fresh macro dimension to the rally, with investors watching whether sustained high oil prices could tip the broader economic narrative from inflation concern toward growth concern.