Worries of a recession as the Fed tries to cool the economy are one of the few factors working to restrain crude prices

War, the pandemic and world-wide supply problems held oil prices near their highest levels in almost a decade this past quarter. Slowing growth may be the biggest threat to the rally.

Brent crude, the global oil benchmark, finished June not far from where it came into April, rising 6.4% to $114.81 since the start of the quarter. That was little consolation to drivers at the gas station or truckers and airlines buying diesel and jet fuel as they adjusted to record prices during the first lasting stretch of over-$100-a-barrel crude in almost 10 years. Not since 2013 has a quarter brought a higher average daily closing price for Brent-crude contracts, according to Dow Jones data.

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