BNO bounce and the inflation outlook

Watching $BNO today with that decent +0.58% move, closing in on the high end of its day range at 54.255. Seems some are pricing in a stickier inflation picture, or at least a renewed bid for energy given the geopolitical backdrop. If this holds, it's going to make rate-cut discussions even more complicated for central banks, and I'm looking at how that might impact my long-held short positions on interest-rate sensitive sectors via CFDs. Not convinced this is a durable move for $BNO yet, but it's enough to warrant a closer look at my hedges.