Brent crude oil prices are currently stable around $77 a barrel, but could rise significantly (up to $130) if geopolitical tensions escalate, particularly due to conflicts in Ukraine and the Middle East.

The economist emphasizes the need to stabilize oil prices, particularly regarding Brent crude, in the context of global tensions, particularly the Ukraine conflict. A resolution could lead to a 5-10% reduction in oil prices, but sustained efforts are necessary to manage the potential inflationary impacts that could arise from rising energy costs.