Soaring energy costs are adding new pressure on private credit borrowers, who are already grappling with higher interest expenses and significant refinancing challenges, CNBC reported. Analysts note that oil prices nearing $100 could further squeeze highly leveraged private credit borrowers as investors weigh the risk of inflation potentially driving interest rates higher again. The market currently anticipates a nearly 70% probability of the Federal Reserve raising rates this month. Fitch Ratings data shows that the U.S. private credit default rate hit a record 6.1% in the 12 months ending July.