Oil Spike Above $100 Threatens to Force Bank of England Rate Hike on July 30

Brent crude surged from $71 to above $100 in July after a US-Iran ceasefire collapsed, settling at $96. Nomura's George Buckley says $100 oil implies two quarter-point BoE hikes; former IMF chief economist El-Erian warns of inflation pressure above $90. The MPC, expected to hold at 3.75% on July 30, saw two members already vote to hike in June. UK inflation stands at 2.6%.